Donald Trump declares today 'Liberation Day': What does it mean?
It's "Liberation Day," according to President Donald Trump, but what exactly does that mean? While specific details are still a bit unclear, New Yorkers should find out more about the tariff-related announcement during Trump's event being held at 4 p.m. Wednesday, April 2.
Here's what to know about how it could impact you.
What is 'Liberation Day'?
Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.
Reciprocal tariffs would match those set in those countries on products brought in from the U.S. "Whatever they tax us, we tax them," Trump said in a speech before Congress March 4.
What is a tariff?
Tariffs are a type of tax put on imported goods, which make the affected imports more expensive and local goods cheaper by comparison, Paste BN reported.
Why is the Trump administration imposing tariffs?
In a February news release, the Trump administration said the "extraordinary threat posed by illegal aliens and drugs ... constitutes a national emergency under the International Emergency Economic Powers Act" and they're "taking bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country."
What do Trump's latest tariffs entail?
Initially, the Trump administration put a 25% tariff on goods from Mexico and Canada and a 10% tariff on imports from China, Paste BN reported.
A 25% tariff was also added to all steel and aluminum imports and last week, Trump announced a 25% tariff on imported passenger vehicles, light trucks and some auto parts, which take effect on Wednesday, April 2 and will start being collected Thursday, April 3.
Additional tariffs are expected to take effect immediately after Trump's announcement of them Wednesday, Reuters reported.
When is Trump's tariff-related event?
Titled "Make American Wealthy Again," Trump is expected to unveil his global tariffs plan during the event in the White House Rose Garden at 4 p.m. Wednesday.
What will Trump announce during the event?
White House Press Secretary Karoline Leavitt said March 31 Trump would announce his plans to place reciprocal tariffs on nearly all American trading partners Wednesday, April 2.
"America will offer companies the lowest taxes, energy costs, and regulations if they make their products here and hire American workers for the job," Leavitt posted on X, formerly known as Twitter.
Details are unclear on exactly what Trump will say this afternoon.
How Trump's tariffs could affect New Yorkers
Senate Minority Leader Chuck Schumer said Tuesday upstate New Yorkers could face increased costs of up to $6,500 for gas, groceries, cars and common goods as a result of the Trump administration's possible additional tariffs.
Over 150,000 jobs in directly targeted industries could also be impacted, including 33,200 in the Rochester/Finger Lakes region and 27,800 in the Hudson Valley region, Schumer says.
“Trump's tariff war has already created chaos, and the economic uncertainty is causing the stock market to fall, hurting seniors’ retirements, cratering consumer confidence, and jeopardizing the jobs of thousands of New Yorkers," Schumer said Tuesday. "If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic."
Schumer also pointed to increased costs for businesses across all industries, negative impacts on local businesses as Canadian tourism drops and higher grocery, electricity, heating and gas bills as a result of the Trump administration's possible tariffs.
Emily Barnes reports on consumer-related issues for the Paste BN Network’s New York Connect Team, focusing on scam and recall-related topics. Follow her on X and Instagram @byemilybarnes. Get in touch at ebarnes@gannett.com.