President Donald Trump announced a swath of reciprocal tariffs on Wednesday in an address at the White House Rose Garden. Calling it a “Liberation Day,” Trump signed an executive order declaring a national economic emergency due to “foreign trade and economic practices” from countries around the world. Sen. Thom Tillis, R-North Carolina, criticized the move, saying in a video interview that “anyone who says there will be a little bit of pain before we get things right, needs to talk about farmers, who are one crop away from bankruptcy.” According to a fact sheet released by the White House in the wake of the executive order, a 10% tariff on imported goods from all countries will go into effect on April 5 at 12:01 a.m. ET. In addition, there will be an “individualized reciprocal higher tariff” on countries with which the Trump administration says the United States has the largest trade deficits. These tariffs have ranges varying by country and go into effect April 9 at 12:01 ET.
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