section_path: "Reciprocal" tariff policy/Announcement
section_name: Announcement
paragraph_text: Announcement
  
  On February 13, 2025, Trump directed his staff to research both monetary and non-monetary trade barriers imposed by foreign countries against US exports and to develop custom "reciprocal tariffs" to counter and penalize each one. He instructed them to consider factors such as existing tariffs, exchange rates, and trade balances in their analysis. Lutnick said his team would have a plan ready by April 1, 2025. Trump announced that he would unveil the reciprocal tariffs on April 2, 2025, a date he referred to as " Liberation Day ".
  
  On April 2, 2025, Trump declared a national emergency to address what he described as a "large and persistent US trade deficit", enabling him to invoke the IEEPA to impose a 10% tariff on all imports to the US, effective April 5, 2025. He also announced higher tariffs for 57 countries and territories set to begin April 9. The White House said these tariffs would be applied in addition to existing measures on Chinese imports, resulting in an effective tariff rate of 54% on Chinese goods after April 9, 2025. Politico described the measures as "the most significant US protectionist trade action since the 1930s", when Congress passed the Smoot–Hawley Tariff Act. Federal Reserve chairman Jerome Powell described the tariffs, and their likely economic impact, as "significantly larger than expected."