Donald Trump’s ‘Liberation Day’ tariffs coming on April 2—Here’s what you need to know

US President Donald Trump is set to unveil his most significant round of tariffs yet on April 2, a day he has called "Liberation Day." The announcement is expected to include sweeping reciprocal tariffs aimed at nations with trade imbalances against the US.

Trump's justification for new tariffs

Trump has framed the move as necessary to restore economic fairness. “For DECADES we have been ripped off and abused by every nation in the World, both friend and foe. Now it is finally time for the Good Ol' USA to get some of that MONEY, and RESPECT, BACK. GOD BLESS AMERICA!!!” he wrote on Truth Social.

What will the April 2 tariffs include?

The new tariff package will introduce reciprocal tariffs, meaning the US will match the import duties that other countries impose on American goods. Treasury Secretary Scott Bessent confirmed that each country will be assigned a reciprocal tariff rate based on their existing levies on US exports.

Key expected tariffs:

• 25% tariffs on all semiconductors, microchips, and pharmaceutical imports
• Expiration of Trump's one-month delay on 25% tariffs on imports from Canada and Mexico
• Enforcement of 25% auto tariffs on foreign vehicles and parts, first announced on March 26

Trump has argued that the measures will encourage businesses to manufacture products in the US rather than paying new tariffs.

Global response and trade war concerns

Trump’s tariff policies have already provoked strong reactions. Canada and China have retaliated with their own tariffs, and the European Union has warned of further countermeasures next month.

Canadian Prime Minister Mike Carney denounced Trump’s tariffs, stating, “The U.S. is no longer a reliable partner,” and vowed to increase trade with other nations.

Impact on pharmaceuticals

The planned 25% tariff on pharmaceutical imports has sparked concerns over access to life-saving medications. Asked whether exemptions would be made for critical drugs, Trump responded, “Well, we’ll be announcing it soon. But we have to bring pharmaceuticals, drugs and pharmaceuticals, back into our country.”

Escalating economic tensions

As the US prepares to impose these tariffs, trade tensions with key allies and economic partners continue to escalate. With multiple tariff deadlines converging on April 2, Trump’s economic shake-up is poised to reshape global trade relationships.