Urethane Blog

Liberation Day – Reciprocal Tariffs

April 2, 2025

“Well we have some very, very good news today,” Trump began his address exclaiming that “This is Liberation Day.”

“April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed and the day that we began to make America wealthy again,” Trump says.

Mexico and Canada are not on the list as US will continue to exempt USMCA-compliant goods.

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. American steel workers, auto workers, farmers and skilled craftsmen — we have a lot of them here with us today. They really suffered gravely.”

“In a few moments, I will sign a historic Executive Order, reciprocal tariffs on countries throughout the world. Reciprocal. That means they do it to us and we do it to them. Very simple. Can’t get any simpler than that.”

Trump lays out his theory that tariffs will bring back a “golden age” for the US, a phrase he also used in his inaugural address:

“Jobs and factories will come roaring back into our country, and you see it happening already. We will supercharge our domestic industrial base.”

Trump says the reciprocal tariffs will bring “stronger competition and lower prices for consumers” in the US.

Finally, Trump announces his tariff plan details as a “Declaration Of Economic Independence”

The bottom line is that this is targeted reciprocal tariffs, NOT a broad-based 15% or more tariff slap on all products.

Additionally, Trump confirmed that the new reciprocal tariffs will begin at midnight tonight.

However, they did announce a baseline tariff rate of 10% for all countries (below the 15% consensus and 20% worst case) and Trump confirmed the 25% tariff on all auto imports.

Additionally, Trump said they will not be full reciprocal tariffs, then held a chart up showing the individual nation (trade-weighted average) tariff levels: