Trump says reciprocal tariffs are America’s ‘declaration of economic independence’

Effective at midnight, the U.S. will be instituting a 25% tariff on all foreign-made automobiles, President Donald Trump announced Wednesday. 

The announcement is part of what Trump has called “Liberation Day,” with the president teasing several announcements that would help bring on the “Golden Age of America.” 

“This is one of the most important days, in my opinion, in American history,” Trump said. “This is our declaration of economic independence.”

Along with the 25% tariff on automobiles, Trump, in his afternoon address at the White House’s Rose Garden said he would be signing an executive order instituting reciprocal tariffs. 

The measures are a bid to boost U.S. manufacturing and punish other countries for what he says are years of unfair trade practices. Many economists’ have warned that the move threatens to plunge the economy into a downturn and upend decades-old alliances.

Details of Trump’s tariff plans were unclear hours before the president’s scheduled afternoon speech. The S&P 500 stock index was up slightly in Wednesday trading as investors hoped to have more certainty about his agenda.