US President Donald Trump is announcing a slew of self-described “reciprocal” tariffs on “friend and foe alike” as he turned up at the Rose Garden of the White House to address the world. The new tariffs — coming on what Trump has named “Liberation Day” — are coming as bid to boost US manufacturing and punish other countries for what Trump says are years of unfair trade practices.

Here is what Donald Trump said in his speech:

Declaration of economic independence

Starting his speech, Donald Trump labelled April to as “our declaration of economic independence”.

“For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” he said.

Trade partners looted US

In his opening remarks, Donald Trump said that the trade partners of US have looted the country for years.

“April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to make America wealthy again and to make it wealthy, good and wealthy. For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” he said.

Trade deficits are national emergency: Trump

“Trade deficits are no longer merely an economic problem. They are a national emergency,” Trump said as he announced the tariffs.

26% reciprocal tariffs on India

US President Donald Trump has imposed 26 per cent “reciprocal tariffs” on India, followed by 34 per cent on China, 20 per cent on EU, and 24 per cent on Japan.

25% tariffs on automobiles

Donald Trump also confirmed his plan to 25 per cent tariffs on automobiles, while highlighting that India imposed 70 per cent levy on motorcycles made in the US.

“The United States charges other countries only a 2.4 per cent tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices like India charges 70 per cent, Vietnam charges 75 per cent and others are even higher than that… Such horrendous imbalances have devastated our industrial base and put our national security at risk. I don’t blame these other countries at all for this calamity. I blame former presidents and past leaders who weren’t doing their job…Effective at midnight, we will impose a 25 per cent tariff on all foreign-made automobiles,” he said.

Trump promises tax cuts

Referring to House Speaker Mike Johnson and Senate Majority Leader John Thune, Trump said, “Now we’re going to pass the largest tax cuts in American history. And that’s where we’re relying on Mike and John Thune.” This announcement comes as Republicans are trying to pass a tax cut extension that would reduce federal revenue by about $4.5 trillion over the next 10 years.

No cuts in social security

Assuring American citizens, Donald Trump said there will be no cuts in social security.
“And we will not cut Social Security, Medicare or Medicaid benefits,” he promised.

Kind reciprocal tariffs

Trump is calling his tariff policy “kind reciprocal,” saying he could have been much harsher on US trading partners.

The president said the tariff rates he is imposing, steep as they are, do not match the levies that some countries impose on US exporters. He is calling the rates he chose the “discounted reciprocal tariff.”

Donald Trump sends message to foreign leaders

Trump asked foreign leaders to reduce their tariffs if they expected the same from the US.

“If they complain, if you want your tariff rate to be zero, then you build your product right here in America because there is no tariff if you build your plant, your product in America. And we’ve seen companies coming in like we’ve never seen before,” he said.