Trump’s announcement stems from a previous decision to implement tariffs on select countries, many of which were postponed until April.

Based on previous statements, many expect reciprocal tariffs, which will match other countries’ rates, while the rest will likely target key areas of manufacturing, production, and other sectors. The tariffs set for “Liberation Day” will likely include:

Pharmaceuticals, semiconductors, copper, and lumber.
25% tariff on any country that imports oil from Venezuela.
Separate tariffs on Canada and Mexico to “stop drug trafficking.”
20% tariffs on top of the existing 10% tariffs on China.

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