On April 2, 2025, President Donald Trump announced "Liberation Day," introducing a bold new tariff strategy aimed at reducing the U.S. trade deficit and promoting domestic manufacturing. The plan imposes a universal tariff of 10% on all imported goods, with higher tariffs on countries deemed unfavorable to the U.S. The tariffs will take effect on April 5, and the higher "reciprocal" tariffs will start on April 9.