SANTA BARBARA, Calif. — President Donald Trump on Wednesday announced sweeping new tariffs, dubbing the day “Liberation Day.” An economist at Boston College warned the effects of the tariffs could reach American consumers within six months.
Trump announced a 10% baseline tariff on all U.S. trading partners, set to take effect April 5. He also unveiled additional reciprocal tariffs on imports from about 60 nations, which will go into effect April 9 and target what he called the “worst offenders.”
No new tariffs were placed on Mexico and Canada, the United States’ two largest trading partners, sparing them from the baseline 10% tariff imposed on most other countries.
Goods and products covered under the United States–Mexico–Canada Agreement (USMCA) remain largely exempt. However, automotive exports will still be subject to a separate tariff beginning April 3, while steel and aluminum imports will continue to face a previously imposed 25% tariff.
Dr. Sasha Tomic, associate dean at Boston College’s Woods College and associate professor of economics at Morrissey College, said the tariffs could lead to rising costs and disrupted supply chains if fully implemented. Tariffs have been a key part of Trump’s economic agenda, with previous rounds already affecting major partners, including China and the European Union.
“This is the third time that these tariffs have been announced. They have backed down every time,” Tomic said. “But if they were really to implement them today, with no exemptions, my best guess would be no later than six months from now — and probably sooner.”
Tomic said some businesses have tried to delay the impact by purchasing goods in advance, but those inventories are limited. “Whatever they bought so far will only go so far,” he said.
Tomic clarified that the figures on the chart Trump presented during the announcement were not actual tariff rates, but estimates of “tariff equivalents” — calculations meant to reflect the combined effect of non-tariff trade barriers, such as technical standards and consumer safety regulations.
“To be fair, he never said those are the tariffs,” Tomic said. “What he said is that that is the estimate of what would be the tariff equivalent of all the trade barriers.”
The new tariffs will be additive, meaning imports will face both the universal 10% tariff and the country-specific reciprocal levies.
Trump said the tariffs are necessary to eliminate the trade deficit between the U.S. and other countries, including China and members of the European Union.
Tomic cautioned against drawing historical comparisons, noting that tariff policies from the 1800s occurred under vastly different economic conditions. “Today we are not even talking apples and oranges. We are talking apples and space shuttles,” he said, referring to the scale and complexity of the modern federal government.
The 10% baseline tariff takes effect at 12:01 a.m. on April 5, followed by the reciprocal tariffs at 12:01 a.m. on April 9.
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