President Trump’s recent announcement about tariffs on “Liberation Day” April 2nd sent shockwaves around America, and throughout the world.
Here are 10 things you need to know right now:
1. 90 Day Pause For All Countries Except China
The new tariffs are paused for 90 days for all countries—except China.
The 10% base tariff remains in effect for most products during that time.
2. How Are The Tariffs Calculated?
The tariffs are not as simple as reciprocal on what the other country charges.
Other factors in the calculations include trade deficit, and currency manipulation.
3. UAW President Shawn Fain Backs The Tariffs
United Auto Workers Union President Shawn Fain says the tariffs are a “historic” step towards helping the American working class.
“We applaud the Trump administration for stepping up to end the free trade disaster that has devastated working-class communities for decades,” Fain said. “Ending the race to the bottom in the auto industry starts with fixing our broken trade deals, and the Trump administration has made history with today’s actions.”
4. Shrimpers In Gulf Of America Grateful For Help
According to NBC News:
“Unlike lobstermen up north, who rely on Canada as a trading partner, the U.S. shrimp industry largely sells domestically, so it is less fearful of retaliation and more eager for tariffs, which would raise the price of foreign shrimp. As it is, shrimpers say imports, which account for more than 90% of shrimp consumed in the United States, force them to slash their prices to stay competitive.
According to NOAA Fisheries, an agency of the National Oceanic and Atmospheric Administration, the total value of U.S. shrimpers’ catch shrank from $522 million in 2021 to $268 million in 2023.”
5. Taiwan Wants To Make A Deal For 0% Tariffs
According to Bloomberg:
“Taiwan President Lai Ching-te said his government could eliminate duties on US products if Washington did the same, the latest overture from the self-run democracy as it seeks to placate its main military backer.
“While Taiwan already maintains low tariffs, with an average nominal rate of 6%, we are willing to further cut this rate to zero on the basis of reciprocity with the US,” Lai wrote in a piece for Bloomberg Opinion on Thursday.”
6. Vietnam Is Already At The Table
One of the very first countries at the negotiating table was Vietnam.
President Trump said:
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting in the near future.”
7. Elon Musk And Navarro Feud Over Tariff Policy
According to ABC News:
“Elon Musk took another shot at Peter Navarro over tariffs, calling President Donald Trump’s top adviser on trade and manufacturing a “moron” and “dumber than a sack of bricks.”
Musk, a senior Trump adviser who had promoted Trump’s agenda, has been critical of Navarro, one of the architects of Trump’s tariff policy who has made the rounds in media defending the sweeping tariffs the president imposed last week that sent world markets plunging.
Musk’s insults Tuesday came after Navarro called the Tesla CEO a “car assembler” rather than a “manufacturer,” claiming that key components of his Teslas come from overseas.”
8. US Senate Trying To Stop President Trump
The US Senate wants to stop President Trump’s tariffs, with multiple Republicans siding with the Democrats, who are all united in opposition.
The measure is considered largely meaningless, as US House Speaker Mike Johnson has no plans to put it up for a vote in his chamber.
According to The Hill:
“Seven Republican senators, including Sen. Chuck Grassley (Iowa), the Senate’s president pro tempore, and Sen. Mitch McConnell (Ky.), the former Senate Republican leader, have signed on to a bipartisan bill that would require Congress to approve President Trump’s steep tariffs on trading partners.Grassley and McConnell have joined five other Republicans — Sens. Jerry Moran (Kan.), Lisa Murkowski (Alaska), Thom Tillis (N.C.), Todd Young (Ind.) and Susan Collins (Maine) — in supporting the Trade Review Act of 2025.”
9. Adam Schiff Wants “Insider Trading” Investigation
According to Fox News:
“The White House slammed Democrats for playing “partisan games” and calling for an investigation into alleged insider trading after President Donald Trump paused customized reciprocal tariffs for 90 days on Wednesday.
“It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security in the face of nonstop media fearmongering. Democrats railed against China’s cheating for decades, and now they’re playing partisan games instead of celebrating President Trump’s decisive action yesterday to finally corner China,” White House spokesman Kush Desai said in comment to Fox Digital when asked about Democrats claiming Trump manipulated the market.
Sens. Adam Schiff, D-Calif., and Ruben Gallego, D-Ariz., wrote a letter on Thursday to White House Chief of Staff Susie Wiles, as well as Trade Representative Jamieson Greer, calling for an investigation into potential insider trading.”
10. How Much Money Will The Tariffs Generate?
Estimates vary on how much tariffs will bring in to the US Treasury.
President Trump thinks it could be anywhere from $600 billion to over $1 trillion.
Conservative estimates from the White House and others put the figures at $100-$200 billion….
