President Trump on Wednesday unveiled sweeping global tariffs, including a 10% blanket tariff on all imported goods. In addition, U.S. trading partners including the European Union, China and Japan will see even larger, country-specific “reciprocal tariffs.” China now faces a total 54% tariff. Trump invoked emergency powers so that he could bypass Congress.

President Donald Trump: “My fellow Americans, this is Liberation Day — waiting for a long time. April 2nd, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed and the day that we began to make America wealthy again. We’re going to make it wealthy, good and wealthy.”

Markets plummeted following the news as analysts warned it will drive inflation, harm industry and could lead to a global trade war. World leaders decried the tariffs. This is European Commission President Ursula von der Leyen.

Ursula von der Leyen: “President Trump’s announcement of universal tariffs on the whole world, including the European Union, is a major blow to the world economy. I deeply regret this choice. Let’s be clear-eyed about the immense consequences. The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism.”

In related news, four Republican senators joined with Democrats Wednesday to pass a resolution seeking to block Trump’s 25% tariffs on Canada. The measure is not expected to pass in the House but offered a rare bipartisan rebuke of Trump’s policies. The Republicans supporting the measure were Susan Collins, Lisa Murkowski, Mitch McConnell and Rand Paul. Canada and Mexico were spared in Trump’s latest round of tariffs but remain subject to a previously imposed 25% tariff on many imports. We’ll have more on Trump’s trade war after headlines with economics professor and author Richard Wolff.