Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Social Partner

Here’s everything you need to know about Trump’s tariffs on ‘Liberation Day’

Former President Trump is poised to escalate the US trade war by imposing new tariffs on up to $3.3 trillion worth of imported goods.
These tariffs, unveiled on Wednesday, target various sectors and countries, including those deemed to have "unfair taxes" on US goods or a trade surplus with the US.
Canada, Mexico, and China, already subject to existing tariffs, are expected to be significantly impacted, facing potential cumulative tariffs across various goods.
A new 25 per cent tariff on imported vehicles and parts will affect major automakers, including those manufacturing abroad and US companies reliant on imported parts.
A 25 per cent levy on countries importing oil and gas from Venezuela, including the US, China, and India, further complicates the trade landscape. While the tariffs aim to boost domestic production, critics warn of increased costs for American consumers and potential retaliatory measures