Inu Manak
President Donald Trump declared a national emergency on foreign trade on April 2, 2025. Calling it “Liberation Day,” he announced unprecedented tariff rates for every U.S. trading partner at a level not seen since 1909. The ultimate goal was to reduce the U.S. trade deficit by forcing countries to the negotiating table.
But the Trump administration has sealed an underwhelming amount of trade deals in the ensuing year, and Americans have often borne the knock-on effects. Although the U.S. Supreme Court struck down some of Trump’s tariffs in late February, it appears that the White House is gearing up to get their tariff agenda back on track by other means. Five CFR experts break down how Trump’s tariff agenda has increased geopolitical and economic uncertainty over the past year and what implications it has for Americans.
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