President Donald Trump has declared April 2, 2025, as “Liberation Day.” The day will mark the implementation of a series of tariffs, including reciprocal duties designed to match or exceed the rates imposed by other nations on American products.

“Liberation Day” represents Trump’s latest effort to reshape global trade dynamics through aggressive tariff policies. Central to this initiative are reciprocal tariffs. Trump has specifically targeted countries such as the European Union, South Korea, Brazil, India, Canada, and Mexico. In addition to reciprocal tariffs, he announced a 25% duty on foreign-made automobiles and auto parts last week, signaling his intent to bolster domestic manufacturing.

While Trump envisions these tariffs as a pathway to revitalizing U.S. manufacturing and reducing trade deficits, economists warn of significant consequences for American households and businesses. Higher import costs are likely to result in increased consumer prices across various sectors, including automobiles, electronics, pharmaceuticals, and lumber. Research indicates that tariffs often function as taxes on imported goods, with much of the burden passed along to consumers.

This could lead to a trade war. 

The announcement has triggered widespread international backlash. Canada and Mexico have already implemented retaliatory tariffs on billions of dollars worth of U.S. goods following earlier tariff hikes in March. Similarly, China has responded with increased tariffs on U.S. agricultural products and export controls on key technologies. The European Union plans to impose counter-tariffs on $28 billion worth of American goods starting in April.

Here is a comprehensive list of tariffs imposed or set to be implemented under President Donald Trump’s trade policy, along with their expected impacts on American consumers and producers.

List of Tariffs

Country-Specific Tariffs

1. China
   • Implemented: 20% tariff on all imports from China (effective February 4, 2025).
   • Upcoming: Additional “reciprocal tariffs” planned for April 2, 2025.
2. Canada
   • Implemented: 10% tariff on energy and potash imports; 25% on all other imports (effective March 4, 2025).
   • Upcoming: Auto and USMCA-compliant imports exempt until April 2, after which a 25% tariff will apply to non-exempt goods.
3. Mexico
   • Implemented: 25% tariff on all imports from Mexico (effective March 4, 2025).
   • Upcoming: Similar to Canada, auto and USMCA-compliant imports will face tariffs starting April 2.
4. Venezuela
   • Planned: A “secondary tariff” of 25% on oil and gas exports from Venezuela, effective April 2, 2025.

Product-Specific Tariffs

1. Automobiles and Auto Parts
   • Planned: A 25% tariff on all imported vehicles and auto parts starting April 3, 2025.
   • In a phone interview with NBC News’ Kristen Welker, Trump denied pressuring automakers to keep prices down in response to his 25% tariffs on imported cars and parts. “No, I never said that,” Trump told Welker. “I couldn’t care less if they raise prices, because people are going to start buying American cars.”
2. Steel and Aluminum
   • Implemented: Expansion of Section 232 tariffs; rates increased from 10% to 25%, effective March 12, 2025.
3. Agricultural Products
   • Planned: Tariffs on “external” agricultural products starting April 2, 2025 (specific products not yet detailed).
4. Semiconductors and Pharmaceuticals
   • Planned: Tariffs of “25% or higher” announced for these sectors (effective date unclear).
5. Lumber and Copper
   • Investigations into potential national security tariffs are ongoing, with findings due later in the year.

Impacts on Americans

Higher Prices Across Sectors

• Automobiles: Prices could rise by $3,000–$6,000 per vehicle due to increased production costs from tariffs on imported parts.
• Everyday Goods: Items like computers (+10%), natural gas (+5%), and rice (+4%) may see price hikes.

Inflationary Pressure

• Tariffs function as taxes on imports, which are often passed down to consumers. The average household could face an additional $2,000 annually in costs

Limited Choices

• Reduced availability of imported goods may lead to fewer options for consumers, especially in industries like automobiles.