President Trump doubled down on reciprocal tariffs, calling their planned April 2 implementation date a “liberating day.”
“April 2 is a liberating day for our country,” Trump said to reporters on Air Force One on Sunday evening. “We’re getting back to some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”
Despite concern over the economy and financial markets both in the U.S. and abroad, Trump maintained that more tariff hikes were coming.
He was asked if there was any inclination to ease up on tariffs amid anxiety in the markets, to which he replied “no.”
“It’s a liberation day for our country because we’re going to be getting back a lot of the wealth that we so foolishly gave up to other countries, including friend and foe,” he said.
Trump said he would be imposing both broader reciprocal tariffs and sector-specific tariffs, including the steel and aluminum sectors for auto production.
While his plan roiled the markets and forced Canada to look for retaliation, Trump said he would increase the tariff of steel and aluminum from the planned 25 percent to 50 percent in response to Canadian electricity surcharges.
He’s since walked back some of the tariffs, including a one-month extension for some goods from Canada and Mexico and a percentage decrease on necessities like energy and fertilizer.
Shares around the world rose and futures in the U.S. dipped after Trump’s remarks confirming the April 2 start date for the next round of tariffs, The Associated Press reported.
