The European Union and China have vowed to retaliate against newly imposed U.S. tariffs, while Australia’s leader condemned the move, calling it “not the act of a friend” and warning it could strain diplomatic ties.
Following former President Donald Trump’s announcement, the U.S. immediately enacted a 25% tariff on all foreign-made cars and light trucks, with additional tariffs on auto parts set to take effect by May 3.
Standing in the White House Rose Garden, Trump declared the tariff hikes as “Liberation Day”, describing them as a historic step toward economic independence. “This is one of the most important days in American history,” he stated while holding up a chart outlining the sweeping trade measures.
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The announcement sparked strong backlash worldwide, with China warning that the tariffs could “endanger” global economic growth.
Financial markets reacted swiftly, with major stock indices plunging. **Japan’s Nikkei fell over 4%, while Vietnam’s stock market dropped more than 5% following news of a 46% tariff on Vietnamese goods. U.S. stock futures also tumbled, while gold prices surged as investors sought safe-haven assets.
China, one of the hardest-hit nations, faced an additional 34% tariff, bringing the total to 54% on its exports to the U.S. In response, Beijing vowed countermeasures, calling for negotiations while warning the levies would have serious consequences.
The European Union was hit with a 20% tariff, while Japan faced a 24% hike, prompting strong objections from Japanese trade officials, who called the decision “extremely regrettable.”
Even longtime U.S. allies were not spared, with Britain included in a “baseline” 10% tariff alongside other nations.
Trump Defends Tariffs Amid Warnings of Economic Turmoil
Despite fears of **rising costs for American consumers and potential economic recession, Trump defended the tariffs as a way to revive the U.S. economy, claiming they would restore a lost “Golden Age.”
“For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike,”
