Trump signs Liberation Day executive order imposing IEEPA tariffs on nearly all countries

President Trump signed Executive Order 14257 on April 2, 2025, declaring a national emergency over the U.S. goods trade deficit and invoking IEEPA to impose a 10% baseline tariff on imports from nearly every country starting April 5, with higher reciprocal rates for 57 countries starting April 9. Rates ranged from 11% to 50%, with China facing a 34% additional tariff, Taiwan 32%, and Japan 24%. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer framed the action as addressing unfair trading practices. The White House suspended the April 9 country-specific rates within days to allow negotiations.