liberation day (12. 359)

With years of lead time and staking his presidency and the system of global trade on his counterintuitive instincts, Trump announced sweeping tariffs on trade partners across the world with a flat duty for most foreign goods and custom levels for countries labelled the worst offenders. Countries subject to a ten percent base rate for all or most items include the UK, Brazil, Singapore, El Salvador and Saudi Arabia. There are no additional reciprocations for Canada and Mexico but no relief either—Cuba, Belarus, North Korea and Russia, already subject to heavy sanctions also were exempted. For removing all duties on US exports, Israel was also excepted. A quarter tariff is imposed for all imported automobiles worldwide. Declaring a national economic emergency in response to trade deficits, the European Union, China, Vietnam, Taiwan, Japan, Cambodia and South Africa face some of the highest rates—with not only tariffs counted as barriers to trade but also regulations like quality and safety standards. Australian imposts were received as “not the act of a friend,” but met with bemusement as the tax-regime was broken down regional, including targeting the overseas territories of Heard and McDonald islands, uninhabited barren volcanic islands off on Antarctica. Poised to fall short of its aim of stimulating domestic manufacturing, these developments have rattled both markets and consumers with the global community reluctant to start a trade war and a race to the bottom that leads to price rises and slow growth.