President Trump announced sweeping tariffs on Wednesday 2 April, 'Liberation Day', the ramifications of which will be felt deeply around the world.
03 Apr 2025, 4 min read
The announcements are deeply concerning for businesses, who have already raised concerns about the ongoing uncertainty and disruption. The UK must use this unpredictable period to double down on its commitment to free and fair trade. Doing so will provide businesses with the confidence they need to kickstart growth, foster innovation, and boost productivity.
What has been announced?
On 2 April, President Trump signed an Executive Order declaring a national emergency due to national and economic security concerns arising from US goods trade deficits. He called this America's 'Declaration of Economic Independence'. By declaring a national emergency, he is now able to impose tariffs - a power normally reserved for Congress.
He announced the following new tariffs:
- Effective at midnight (5.01am UK time) 3 April, all foreign made automobiles will be subject to a 25% tariff
- Effective at midnight (5.01am UK time) on 5 April, a flat 10% tariff rate will be applied t
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