US President Donald Trump said the country’s economy “was a patient that was very sick” but claimed that after imposing reciprocal tariffs, the US “is going to be a booming country.” He Said, "We really inherited a terrible economy, as you know, with a lot of problems, including the loss of manufacturing and plants closing all over the country. We've lost 90,000 plants since NAFTA—if you think about that. 90,000—it's almost unbelievable—and about 6 million jobs. So it was a sick patient that went through an operation on Liberation Day, and it's going to be a booming country, a very booming country."

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Trump announces new tariffs and import tax

In a Rose Garden announcement, Trump revealed new elevated tariff rates on several nations with large trade surpluses against the United States. Additionally, a 10% baseline tax on all imports was introduced as part of what he called an economic emergency.

‘Declaration of Economic Independence’

Trump, who insists that the tariffs will boost domestic manufacturing, used strong rhetoric to describe the global trade system. He claimed, “Our country has been looted, pillaged, raped, and plundered” by other nations.

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Calling it “one of the most important days in American history”, Trump labeled the move as “The United States’ Declaration of Economic Independence.” He also revived the slogan “Make America Wealthy Again”, stating that hard-working Americans had been sidelined for too long but would now get their chance to prosper.

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Tariffs could reshape the global economy

The new policy marks a historic tax hike that could push global trade to a breaking point. Essential goods like housing, autos, and clothing are expected to become more expensive, leading to a tough transition for many Americans. Additionally, the tariffs could strain international alliances that have helped maintain economic stability since World War II.

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Trump defended the move, stating it would generate hundreds of billions in revenue for the US and restore fairness to global trade. “Taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore,” he declared.

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Risk of inflation and economic slowdown

Trump imposed the tariffs under the 1977 International Emergency Powers Act, bypassing Congress. While he promised the move would bring back factory jobs, economists warn that it could trigger inflation and slow down the economy, making life more expensive for American consumers.