Key takeaways from Trump’s ‘Liberation Day’ tariffs

President Trump just unveiled sweeping tariffs that will reverberate through the US economy, sending inflation higher and weakening economic growth.

President Donald Trump on Wednesday unveiled expansive new tariffs in a major escalation of his trade war, referring to the historic move as a “declaration of economic independence.” Trump’s risky bet to address unfair trade practices could send prices higher for American consumers and weaken economic growth, according to most economists. Using national emergency powers, Trump announced 10% tariffs on all imports into the United States, and even higher tariffs on goods from about 60 countries or trading blocs that have a high trade deficit with the US. That includes China and the European Union, which will be levied new duties of 34% and 20%, respectively. Trump’s latest actions represent the most significant escalation in US tariffs in nearly a century, since the Smoot-Hawley Act of 1930. But the trade spat doesn’t end there. Foreign countries, including long-time US allies, say Trump’s tariffs won’t go unanswered, setting the stage for a global, tit-for-tat trade war that could quickly spiral out of control. Such a development would only fuel inflation further and weigh on US consumers, many of whom are already on the ropes. Trump’s “Liberation Day” announcement did little to clear the dense fog of uncertainty. And even more tariffs by sector are coming down the pike, senior White House officials said Wednesday on a phone call with reporters. Here are key takeaways from Trump’s sweeping tariff hike.