Liberation Day

International trade - US - tariffs - 2025.

In the international trade context, colloquial name for 2 April 2025, on which the United States announced a large number of substantial additional tariffs on goods imported into the US.

How other countries respond to US tariffs will make a huge difference to outcomes

"“We have just had the so-called Liberation Day of tariff announcements, though whether this could be a case of the US liberating itself from the international trading system remains to be seen.

Also, it remains to be seen whether there are inflationary or possibly stagflationary outcomes, not just in the US, but elsewhere in the world,” Calenti says.

“How other countries respond to these tariffs will also make a huge difference, particularly as goods re-route from the US to elsewhere.”"

Trump 2.0: reset or recession? What treasurers need to know - Hank Calenti, SMBC global macro/rate strategist - The Treasurer online - April 2025.

See also

• Customs union
• Duty
• Exports
• Free trade
• Free trade agreement
• General Agreement on Tariffs and Trade (GATT)
• Imports
• Indirect tax
• Inflation
• Law
• Moratorium
• Most favoured nation (MFN)
• Protectionism
• Quota
• Recession
• Sanctions
• Smuggling
• Stagflation
• Tariff
• Tariff Act 1930 (US)
• Trade war
• Treaty
• Trump 2.0
• Trumponomics
• World Trade Organization (WTO)
• WTO rules

Other resource

• Trump 2.0: reset or recession? What treasurers need to know - Hank Calenti, SMBC global macro/rate strategist - The Treasurer online - April 2025