Former President Donald Trump has launched a sweeping new tariff policy, applying a 10% tax on nearly all U.S. imports, with even steeper rates for certain countries — including 53% on Chinese goods and 20% on imports from the EU and South Korea. Trump framed the move as a bold stand for “economic independence” and a rebirth for American industry. “This is about putting America first,” he said during a Rose Garden address, declaring April 2, 2025, as the day “American industry was reborn.” Critics, however, warn of major fallout. Economists fear higher prices for U.S. consumers and escalating trade wars. Ken Rogoff, former IMF chief economist, called it a “nuclear device” dropped on the global trade system and raised the chances of a U.S. recession to 50%. Despite concerns, Trump defended the tariffs as a necessary correction to decades of what he called economic exploitation. Allies are expected to respond with retaliatory measures, signaling a new and volatile chapter in global trade
