Trump ‘Liberation Day’ tariffs live updates
Global markets are taking a massive hit after Donald Trump slapped a minimum of 10pc tariffs on all nations and made a special mention of Australia in his watershed speech. Follow updates.
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Experts are warning Americans will soon begin to feel “sticker shock” as a result of the reciprocal tariffs with the price of groceries, fuel and cars to soar.
“Tariffs act as a tax on US importers and are ultimately paid by consumers through higher prices,” the National Retail Federation wrote in a statement.
“This forces retailers to choose between raising their prices or relying on already slim profit margins to absorb the increased cost of inventory.”
Markets have begun reacting to the announcement, with significant declines in the shares of tech and consumer goods manufactured in some of the hardest hit markets.
Apple, which manufactures products in China and Vietnam, dropped by five per cent.
Amazon dipped 4 per cent.
Shoe companies including Nike, Skechers, Deckers and Crocs also saw declines.
President Donald Trump unveiled his “Liberation Day” tariffs, which impact the entire world, in the Rose Garden at the White House.
Mr Trump began speaking shortly after 4pm US time (7am AEDT) towards the end of a tumultuous day for the northern hemisphere.
No corner of the globe will be untouched by today’s announcement with President Trump announcing a 10 per cent baseline tariff for all countries.
Mr Trump then directly attacked Australia’s trade restrictions early in his speech.
“Australia bans – and they’re wonderful people and wonderful everything – but they ban American beef,” he said.
“Yet, we imported $3 billion of Australian beef from them just last year alone. “They won’t take any of our beef. They don’t want it because they don’t want it to affect their farmers.
“And you know what? I don’t blame them, but we’re doing the same thing right now, starting midnight tonight, I would say.”
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GERMAN AUTO INDUSTRY CALLS FOR EU TO RESPOND WITH ‘FORCE’
New US tariffs “will only create losers”, said the German Automotive Industry Association (VDA), which called on the EU to respond with “force”.
“The EU is now called upon to act together and with the necessary force, while continuing to signal its willingness to negotiate,” said a statement from the body that represents the German auto industry, for which the US is a key export market.
FOREIGN CHEESE MAKERS SOURED BY NEWS
The additional 20 per cent tariff will see duties on imports of the iconic hard cheese brand Parmigiano Reggiano skyrocket to 35 per cent.
America is the brand’s chief importer with a 22.5 per cent market share.
“Certainly the news does not make us happy, but Parmigiano Reggiano is a premium product and the increase in price does not automatically lead to a reduction in consumption,” said president of the Parmigiano Reggiano Consortium Nicola Bertinelli.
Mr Bertinelli indicated they intended to attempt to negotiate with Mr Trump, calling the decision “absurd” and unlikely to protect the American market in any way.
NEW ZEALAND WON’T RETALIATE AGAINST TARIFFS
New Zealand Trade Minister Todd McClay said the US slapping the Kiwis with a 10 per cent tariff along with Australia was “not unexpected” but would “have an impact.”
“It is important to note that many other countries around the world are facing much higher tariff rates than New Zealand exporters will be,” he said, adding they “won’t be looking to retaliate.”
“That would put up prices on New Zealand consumers, and it would be inflationary.”
The Trump administration claimed New Zealand was charging a 20 per cent tariff to the US, “including currency manipulation and trade barriers”.
According to research by law firm MinterEllison, the average tariff NZ imposes on US goods is just 1.5 per cent.
The number arrived at by the Trump administration is likely based on a combination of tariffs and the country’s GST of 15 per cent.
EUROPEAN LEADERS UNITE IN CONCERN
Norwegian Minister of Trade and Industry Cecilie Myrseth told state media her team was still “doing the calculations.”
“But it is obvious that this is serious for the world economy, and it is critical for Norway. What we can at first glance is 20 per cent tariffs against the (European Union), and at least 10–15 per cent against Norway,” Ms Myrseth said.
“That is of great importance, because we also send a lot of exports to the EU. So, it will also affect us. This is a serious day, and now, we need to get an overview of what this actually means for Norway.”
Swiss Federation President Karin Keller-Sutter said she was “taking note.”
“(We) will quickly determine the next steps. The country’s long-term economic interests are the priority. Respect for international law and free trade are fundamental.”
Swedish Prime Minister Ulf Kristersson also made a case for free trade.
“Sweden will continue to stand up for free trade and international co-operation.”
BRITAIN HOPEFUL OF STRIKING A DEAL
British Business Secretary Jonathan Reynolds remained optimistic of negotiating with Mr Trump despite the US President’s adamant stance there would be no wriggle room.
Mr Reynolds said “the US is our closest ally, so our approach is to remain calm and committed.”
Confederation of British Industry CEO Rain Newton-Smith took a similar approach.
“UK firms need a measured and proportionate approach which avoids further escalation,” he said.
“Retaliation will only add to supply chain disruption, slow down investment, and stoke volatility in prices.”
‘WRONG’: ITALY FLAGS RISK OF TRADE WAR
Italian Premier Giorgia Meloni has labelled Mr Trump’s decision to impose global tariffs as “wrong”.
“We will do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favour of other global players,” Mr Meloni wrote on his Facebook page.
“In any case, as always, we will act in the interest of Italy and its economy, also by discussing with other European partners.”
SEAFOOD INDUSTRY SAYS US JOBS AT RISK
CEO of America’s National Fisheries Institute said the industry’s 1.6 million US jobs could be on the line.
America imports 80 per cent of its seafood and Mr Trump has just placed a 46 per cent tariff on Vietnam and 26 per cent duty on India – two of their biggest suppliers.
“Tariffs will raise the cost of seafood, making the healthiest animal protein on the planet less available and more expensive,” said Lisa Wallenda Picard.
“Meanwhile, the tariffs could threaten many of the 1.6 million American jobs that, according to the federal government, US commercial seafood companies support.”
AUSTRALIA’S TARIFFS REVEALED
The White House reciprocal tariff chart lists Australia’s tariffs on the US as being 10 per cent, in reference to GST.
It indicates Australia will be hit with the new baseline reciprocal levy of 10 per cent.
Mr Trump signed the order to cheers and stopped while exiting the Rose Garden to pump his fist.
TRUMP HOLDS UP REPORT CRITICISING AUSSIE NEWS MEDIA CODE
Mr Trump held up a printed copy of a report released earlier this week prepared by his trade representative which detailed “barriers to trade” for the US.
Included in that document is a list of Australian “barriers”, including import constraints on American beef, pork, poultry imports and plant health constraints on apples and pears.
It also criticises Australia’s News Media Bargaining Code which requires social media giants to fairly remunerate news businesses for its content.
“Under the Bargaining Code, designated platform services companies are required to engage in negotiations with registered Australian news media businesses to pay the news businesses for content accessed via certain services offered on the companies’ digital platforms,” the 2025 National Trade Estimate Report states.
Mr Trump said the report contained a list of “vicious attacks” on the US.
“It’s very upsetting when you read it,” he said.
TRUMP CALLS OUT COUNTRIES ASKING FOR EXEMPTIONS
Commerce Secretary Howard Lutnick, who has been central to negotiations with Australia, handed the President a chart displaying reciprocal tariff plans.
“He’s doing a very good job,” Mr Trump said of Lutnick.
The President listed examples of country-specific tariffs.
He said China charged the US 67 per cent, but he would in turn impose a 34 per cent reciprocal tariff.
The European Union’s 39 per cent tariff will be hit with 20 per cent tariffs.
He said a minimum baseline tariff of 10 per cent would be imposed on other countries “to help rebuild our country”.
“To all of the foreign presidents, prime ministers, kings, queens`, ambassadors and everyone else who will soon be calling to ask for exemptions from these tariffs, I say – terminate your own tariffs, drop your barriers. Don’t manipulate your currencies,” he said.
“They manipulate their currencies like nobody can even believe, which is a bad, bad thing and very devastating to us.
“And start buying tens of billions of dollars of American goods.”
‘FOREIGN LEADERS WILL UNDERSTAND’
Mr Trump claimed foreign leaders were understanding of his policy.
“They understand exactly what’s happening,” he said.
“You know, it’s like I say to the leaders, look, you’ve got to take care of your country, but we have to start taking care of our country now.
“But … they’re going to fight, they’re going to fight, everyone’s going to fight.”
‘WE CANNOT PAY THE DEFICITS OF OTHER COUNTRIES’
Mr Trump also took aim at military partners, warning “we have to take care of our people.
“The United States can no longer continue with the policy of unilateral economic surrender,” he said.
“We cannot pay the deficits of Canada, Mexico and so many other countries.
“We used to do it. We can’t do it anymore.”
He said America took “care of countries all over the world”.
“We pay for their military,” he said.
“We pay for everything they have to pay. And then when you want to cut back a little bit they get upset that you’re not taking care of them any longer but we have to take care of our people, and we’re going to take care of our people first, and I’m sorry to say that.
“And today, we’re standing up for the American worker and we are finally putting America first.”
‘BEEN WAITING A LONG TIME’
Mr Trump declared this one of the most important days in America’s history as he prepares to announce sweeping reciprocal tariffs.
“My fellow Americans, this is liberation day – been waiting for a long time,” he told a crowd in the White House Rose Garden.
“April 2, 2025 will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed and the day we began to make America wealthy again.”
To cheers and applause, Mr Trump said jobs and factories would come “roaring back” under the plans which would usher in America’s “golden age”.
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” he said.
“American steel workers, auto workers, farmers and skilled craftsmen – we have a lot of them here with us today – they really suffered gravely.
“They watched it anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream.”
“Our country and its taxpayers have been ripped off for more than 50 years but it is not going to happen anymore.”
‘ABSURD, CRAZY, CHAOTIC’
Shortly before the President began his announcement, Senate Minority Leader Chuck Schumer held a press conference where he called the trade war “absurd, crazy, chaotic.”
“He says one thing one day, and another thing the next day,” Mr Schumer said of the President.
“He changes which countries, he changes the percentage, he changes which goods. And what do businesses hate? Uncertainty.”
America’s peak body representing businesses also slammed the President.
“These broad tariffs are a tax increase that will raise prices for American consumers and hurt the economy,” said Chief Policy Officer Neil Bradley.
Wall Street markets have now closed, but earlier the American stock market plunged – then recovered – as world leaders and economic experts warned Donald Trump’s global tariffs could shake “the world over” as the US President prepared to announce sweeping levies.
Mr Trump appeared in high spirits ahead of his announcements, posting “It’s Liberation Day in America!” to Truth Social along with a video compilation of news clips early on Wednesday local time.
Deliberations were reportedly ongoing in the hours ahead of Mr Trump’s planned Rose Garden appearance.
‘STOP AMERICA BEING RIPPED OFF’
Earlier, the US President said the announcement would stop America being “ripped off” and would deliver a new “golden age” of US industry.
While Mr Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the world’s biggest economy, the White House admitted he was still ironing out details hours before the announcement.
“It will not be good for the global economy, and it will not be good for those who inflict the rates, or those who retaliate,” Christine Lagarde, president of the European Central Bank, said in an interview prior to Mr Trump’s announcement. “It’s going to unsettle the trade world as we know it.”
Ms Lagarde has previously warned that higher US tariffs could stunt economic growth and reheat inflation.
Many European economies are heavily reliant on their exports, making them particularly vulnerable.
“Europe has not started this confrontation. We do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it,” European Commission President Ursula von der Leyen told EU politicians.
Foreign industries that export products en masse to the US, like auto and pharmaceutical sectors, are especially concerned.
CAR PRICES TO SOAR
The cost of a new car could become unattainable for the averages American according to a new report on the impact of President Trump’s tariffs.
Prices of the average vehicle will rise between A$4,000 to A$32,000 according to the Michigan-based Anderson Economic Group.
The variation in price depends on whether the vehicle or some of its parts are manufactured outside the US.
The report cited the example of the US-built Honda Odyssey mini-van and Ford Explorer SUV, which will cost between A$4000 and A$7000 more due to the use of overseas produced parts. Jeep and Ram models will jump around A$13,500 while luxury cars such as the BMW X5 and Audis and Mercedes-Benz vehicles could be up to A$32,000 more with the price hikes to kick in by the end of the month.
US STOCKS REBOUND ON SOARING TESLA SHARES
US stocks started to rebound after they plunged early on Wednesday morning local time, shortly before Mr Trump’s announcement on reciprocal tariffs.
The S&P 500 jumped 0.4 per cent the Dow Jones crept up 0.3 per cent and the Nasdaq 100 rose 0.6 per cent by about 2pm local time (5am AEDT).
A turnaround in Tesla shares helped lead the rally. The stock had fallen nearly 5 per cent after the electric vehicle maker reported disappointing first quarter deliveries.
But shares were up 5.5 per cent by Wednesday afternoon local time following a report that Elon Musk is expected to leave his role overseeing the White House’s cost-cutting DOGE task force soon.
Tesla investors had feared the government position was cutting into Mr Musk’s time running Tesla, and wreaking havoc on the carmaker’s brand as left-leaning protesters against the DOGE cuts lit vehicles on fire, vandalised showrooms and demonstrated outside dealerships across the US.
EU AND CANADA WILL ‘RETALIATE’
Major economies including the European Union and Canada vowed retaliation. The EU will react to new tariffs “before the end of April,” said the French government spokeswoman.
An initial response planned for mid-April counters US action on steel and aluminium, and this will be followed by a sector-by-sector study.
“A European decision should be announced before the end of April.” Germany warned that trade wars hurt “both sides.”
“We are going to be very deliberate in terms of the measures we take,” Canadian Prime Minister Mark Carney said.
Ontario Premier Doug Ford proposed that Canada could drop its tariffs with the US — if Mr Trump did the same.
“President Trump’s tariffs will put millions of American jobs at risk and raise costs for families across the US,” Mr Ford wrote on X.
“I’ll be making the case all day directly to Americans: drop the tariffs and let’s work together to be the richest and safest two countries on the planet.”
Mr Ford said he spoke to US Commerce Secretary Howard Lutnick last week about the tariffs — but Mr Trump is still likely to impose reciprocal tariffs on Canada.
Elsewhere, British Prime Minister Keir Starmer spoke with Mr Trump on talks towards a trade deal, while Vietnam said it would slash duties on various goods.
Other top exporters are seeking to build up alliances to counter Washington, with China, Japan and South Korea speeding up talks on a free-trade agreement.
The former property tycoon insists the levies will bring a “rebirth” of America’s hollowed-out manufacturing capacity, and says companies can avoid tariffs by moving to the United States.
Sweeping auto tariffs of 25 per cent are due to take effect April 3, after Trump earlier imposed duties on steel and aluminium imports and goods from China.
US STOCKS SLUMP AHEAD OF ‘LIBERATION DAY’
US stocks swung lower in the hours before Mr Trump’s “Liberation Day” announcement.
The S&P 500, Dow Jones Industrial Average and Nasdaq 100 each dipped about 0.2 per cent as anxious investors braced for sweeping tariffs.
Mr Trump will reveal his plan for reciprocal tariffs — levies that match a nation’s own tax on the US — targeting all countries.
But Wall Street took a beating earlier this week following a Washington Post report that White House aides drafted a proposal for a 20 per cent across-the-board levy on nearly all imports, which could have a dramatic effect on the economy.
The S&P 500 Index has lost all post-election gains and shed more than $4 trillion (A$6.35 trillion) in market value as economists warned of inflationary risks, and even a possible recession.
CHINA CRACKS DOWN ON DOMESTIC FIRMS TRADING WITH US
China is reportedly cracking down on domestic firms doing business in the US as the world’s two largest economies gear up for an escalation in their trade war.
Regulators in Beijing have been told in recent weeks to hold back on granting approvals for Chinese companies wishing to invest in the US, Bloomberg News reported.
The move is intended to give China more leverage in upcoming negotiations with the Trump administration.
Mr Trump is scheduled to flesh out his plan to impose far-reaching tariffs during a news conference from the White House Rose Garden at 4pm (7am AEDT).
– with AFP
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Originally published as Trump ‘Liberation Day’ tariffs live updates
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