(VOVWORLD) - President Donald Trump has called April 2 Liberation Day, when the US’s reciprocal tariffs take effect, and all countries will be affected.
 The White House in Washington, D.C., USA. (Photo: Xinhua/VNA) |
White House Press Secretary Karoline Leavitt said the reciprocal tariffs will take effect immediately after being announced by President Trump, while his 25% tariff on imported cars will take effect Thursday.
She said, "April 2, 2025 will go down as one of the most important days in modern American history. Our country has been one of the most open economies in the world, and we have the consumer base, hands down the best consumer base. But too many foreign countries have their markets closed to our exports. This is fundamentally unfair. The lack of reciprocity contributes to our large and persistent annual trade deficit that's gutted our industries and hollowed out key workforces."
"The president’s historic action tomorrow will improve American competitiveness in every area of industry, reduce our massive trade deficits, and ultimately protect our economic and national security."
The Trump administration has encouraged foreign companies to invest in the US to take advantage of tax incentives and lower energy costs. Canada and the EU have announced retaliatory measures, despite having their own agreements with the US regarding reciprocal tariffs.