Trump claims his tariffs are ‘kind’ to other countries. In America, consumers will 'feel the pinch quite quickly,' top economist says

US President Donald Trump holds a signed executive order after delivering remarks on reciprocal tariffs during an event in the Rose Garden entitled "Make America Wealthy Again" at the White House in Washington, DC, on April 2, 2025. (Credit: Photo by SAUL LOEB/AFP via Getty Images)

• On “Liberation Day,” President Trump announced a series of broad tariffs that will hit each country differently, and market experts said they had more questions than answers following his hotly anticipated Rose Garden address. Ahead of the announcement, the S&P 500, Nasdaq, and Dow Jones ended the day higher following a bruising and uncertain period for stock markets but as Trump expanded on his plans for trade and hopes for domestic manufacturing, futures took a downturn. 

President Trump announced a complex package of tariffs on Wednesday including a broad 10% duty on all imports and a sliding scale of "discount reciprocal tariffs" the President said would be “kind” to other countries while bringing relatively greater wealth to the U.S. Those include a 34% tariff on goods from China and 20% on those from the EU, plus a raft of other percentages for Vietnam, Taiwan, Japan, India, and Indonesia.