What Trump's “Liberation Day” could mean for you – NBC4 Washington

President Donald Trump says that Wednesday will be the day of the liberation “a moment when he plans to deploy a set of prices which he promises the United States of foreign products.

The details of the next Trump import series are always summary. Most economic analyzes say that average American families should absorb the cost of their prices in the form of higher price and more lower income. But an unspeakable Trump invites CEOs to the White House to say that they invest hundreds of billions of dollars in new projects to avoid import taxes.

It is also possible that the prices are short -lived if Trump feels that he can conclude an agreement after having imposed them.

I'm certainly open, if we can do something, “Trump told journalists.” Well, get something for that.

Family budgets are at stake, the prominence of the United States as the world's first financial power and the structure of the global economy.

Here is what you need to know about imminent commercial penalties:

Prices or customs duties are a tax on products purchased abroad, and they are used by practically all countries

What exactly is Trump?

He wants to announce import taxes, including reciprocal rates that correspond to the prices billed by other countries and account for other subsidies. Trump spoke of taxing the European Union, South Korea, Brazil and India, among other countries.

While he announced 25% of car rates last week, he alleged that America had been scammed because it imports more goods than it exports to them.

This is the start of the Liberation Day in America, Trump said. Were going to charge countries to do business in our country and take our jobs, take our wealth, take many things that they have taken over years. They removed so much from our country, our friend and our enemy. And, frankly, a friend was often much worse than the enemy.

In an interview on Saturday with NBC News, Trump said that it did not bother him if the prices caused an increase in vehicle prices because cars with more American content could possibly be more expensive.

“I hope they increase their prices because if they do, people will buy American manufacturing cars,” said Trump. I don't care because if the prices of foreign cars increase, they will buy American cars.

Trump also suggested that he would be flexible with his prices, saying that he would treat other nations better than they have treated the United States. But he still has many other import taxes.

The republican president plans to impose imported pharmaceutical drugs, copper and wood. It has presented a 25% rate on any country that imports Venezuela oil, even if the United States is also doing. Imports from China is invoiced an additional 20% tax due to its role in the production of fentanyl. Trump has imposed separate prices on the goods of Canada and Mexico for the declared reason for stopping drug smuggling and illegal immigration. Trump also extended his 2018 25% 2018 steel and aluminum prices on all imports.

Some aids suggest that prices are negotiation tools on border trade and safety; Others say that income will help reduce the federal budget deficit. Commerce secretary Howard Lungick says they will force other nations to show Trump's respect.

What could prices for the American economy?

Nothing good, according to most economists. They say that the prices would be transmitted to consumers in the form of higher price for cars, grocery store, housing and other goods. Business benefits could be lower and slower growth. Trump maintains that more companies would open factories to avoid taxes, although this process can take three years or more.

The economist Art Laffer believes that prices on cars, if they were fully implemented, could increase vehicle costs by $ 4,711, although he said he considered Trump as an intelligent and wise negotiator. The Goldman Sachs investment bank estimates that the economy will increase this quarter to an annual rate of only 0.6%, down compared to a rate of 2.4% at the end of last year.

Mayor Andrew Ginther de Columbus, Ohio, said on Friday that prices could increase the median cost of a house of $ 21,000, which makes it more an obstacle because building materials would cost more.

The White House Commerce Advisor Peter Navarro told Fox News on Sunday that car prices would collect $ 100 billion a year and that other prices would bring about $ 600 million a year, or about 6 dollars over 10 years. As a share of the economy, it would be the highest increase in tax since the Second World War, according to Jessica Riedl, a principal researcher at the Manhattan Institute, a conservative reflection group.

Treasury secretary Scott Bessent suggested that prices would be a unique price adjustment, rather than the start of an inflationary spiral. But Bessent's conclusion is based on brief or content prices, rather than bringing other countries to retaliate with their own prices or infiltrate in other sectors of the economy.

There are lucky prices on goods are starting to filter until the pricing of services, said Samuel Rines, Wisdomtree's strategist. Automotive parts are expensive, then automotive repair becomes more expensive, then car insurance feels the pressure. Although goods are at the center, prices could have a longer -term effect on inflation.

How do other nations think of new prices?

Most foreign leaders consider prices as destructive for the world economy, even if they are ready to impose their own countermeasures.

Canadian Prime Minister Mark Carney said Trump's pricing threats had ended the partnership between his country and the United States, even though the president spoke about his telephone call on Friday in relatively positive terms. Canada has already announced reprisal rates.

French President Emmanuel Macron said that the prices were not consistent and would mean “breaking the value chains, creating short -term inflation and destroying jobs. It is not good for the American economy, or for European, Canadian or Mexican economies. However, Macron said that his nation would defend itself in order to dismantle the tariffs.

Mexican president Claudia Sheinbaum avoided the responses of the tariffs of Tit-For-Tat, but she considers that it is essential to defend jobs in her country.

The Chinese government said Trump's prices would harm the global trade system and do not solve the economic challenges identified by Trump.

There are no winners in commercial wars or tariff wars, and no development and prosperity of countries are obtained by imposing prices, said spokesperson for the Ministry of Foreign Affairs, Guo Jiakun.

How did Trump land that he was called the Liberation Day?

Based on Trump's public statements on April 2 is at least on the third day of release that he identified.

During a rally last year in Nevada, he said that on the day of the presidential election on November 5 would be the day of the liberation in America. Later, he gave his inauguration the same label, declaring in his speech: for American Citizens, on January 20, 2025, was the day of the Liberation.

His repeated designation of the term is a sign of the importance of Trump on prices, an obsession with his own since the 1980s. Dozens of other countries recognize their own form of liberation days to recognize events such as overcoming Nazi Germany or the end of a previous political regime deemed oppressive.

Trump considers his prices as offering a national redemption, but consumer confidence and the consumer stock market indicates that a large part of the public estimates that the American economy will pay the price of its ambitions.

I don't see anything positive about the Liberation Day, “said Phillip Braun, a finance professor at the Kellogg School of Management at the Northwestern University. This will harm the American economy. Other countries will fight back.

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