Speaking from the White House’s Rose Garden on Wednesday afternoon, President Donald Trump announced baseline tariffs of 10% on goods imported from other countries — and slapped certain nations with tariffs of up to 49%.Trump’s speech was part of what he termed Liberation Day, or “the day American industry was reborn.”
Trump initially pitched expanded tariffs during his 2024 presidential campaign, framing them as a way to boost American manufacturing jobs. His inauguration kicked off a lengthy rollout: Since taking office in January, the White House has ordered tariffs, walked them back, reinstated them, adjusted them and expanded them. Wednesday’s event centered around what the president called “kind” and “discounted” reciprocal tariffs on places like China (34%), the European Union (20%) and Cambodia (49%).
“Tariffs are going to give us growth like you haven’t seen before,” Trump said Wednesday.
Even before the latest round of tariffs, the protracted process had left Americans with anxiety and questions about what the impact to their wallets will be. Amid the uncertainty, how seriously should you take the headlines? What price increases can you expect? Is there any way to prepare?
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