‘We’re really not taking it anymore’: Trump imposes long-desired tariffs from the 80s
The historic tariffs that Trump introduced on both U.S. allies and adversaries signify a pivotal moment for the American economy.
TroibNews 
On Wednesday, President Donald Trump delivered an address in the Rose Garden, creating a dramatic scene with an American flag-draped colonnade as a backdrop. He held up a chart illustrating countries he claimed had “ripped off” the United States and, with a flair for showmanship, announced the massive tariffs that he has envisioned for decades.
This move represents a risky gamble.
The unprecedented tariffs, which target both allies and adversaries of the U.S. and are set to take effect soon, signify the onset of a significant and comprehensive experiment in protectionism — one that could have dire consequences if it does not succeed.
Although the newly announced tariffs did not represent the most extreme approach Trump could have taken, they indicate a fundamental change in U.S. trading relationships. This shift poses a risk of increased inflation by raising the cost of goods for American consumers and potentially leading the nation into a recession.
Initial reactions were swift and severe: market futures fell sharply, industry groups expressed alarm, and even some lawmakers within Trump’s own party offered only lukewarm support. Certain Senate Republicans were reportedly preparing to back a Democratic proposal aimed at blocking the tariffs on Canada, although such an effort is almost certain to fail in the House.
Trump appeared to be acutely aware of the skepticism surrounding his announcement when he spoke shortly after U.S. stock markets closed on Wednesday afternoon. His timing seemed deliberate to avoid the unfavorable optics of plummeting markets during his speech. The administration had communicated for several weeks that there could be short-term economic repercussions, though they promised that U.S. manufacturing would ultimately benefit. He referred to the day as “Liberation Day” from countries he labeled as “cheaters” and “scavengers.”
“When you look a little bit, it's not a pretty picture, and we don't like it, and it's not fair,” Trump stated. “We’re really not taking it anymore.”
While other issues, such as government spending cuts and the termination of diversity programs, have taken precedence in the early days of Trump’s second term, tariffs have long been a personal priority for him. Trump has sought to rectify perceived trade imbalances for decades, first raising concerns in the 1980s about being “ripped off” by Japan and advocating for tariffs as high as 20 percent on imports from the country.
During his Wednesday announcement, Trump unveiled the tariffs on a variety of nations one by one — with rates ranging from 10 to 50 percent — in a style reminiscent of a game show host. He promised that these measures would restore fairness to trading relationships that he has long criticized, treating the Rose Garden event as a celebratory occasion.
“I've been talking about it for 40 years, because I saw what was happening,” he reminisced, referencing interviews from his youth. “I'd be talking about how we were being ripped off by these countries. I mean, nothing changes very much. The only thing to change was the countries, but nothing really changes.”
The White House prepared extensively for backlash against the tariff proposal, sending out emails that traced media coverage of past tariffs that the administration claimed had been misrepresented. However, the magnitude of these tariffs is unprecedented in contemporary history, leaving uncertainty about their potential economic impact.
Wall Street and the business community responded quickly and negatively. By early Wednesday evening, after the markets had closed, Dow Futures had dropped 918 points, equivalent to 2.2 percent, while S&P 500 Futures fell 3.2 percent, and NASDAQ 100 Futures decreased by 4.1 percent. Numerous organizations, including the U.S. Chamber of Commerce and the International Dairy Foods Association, publicly condemned the new tariffs.
“Broad and prolonged tariffs on our top trading partners and growing markets will risk undermining our investments, raising costs for American businesses and consumers, and creating uncertainty for American dairy farmers and rural communities,” stated Becky Rasdall Vargas, the association’s senior vice president of trade and workforce policy.
Unlike during his first term, when he leveraged tariffs to negotiate agreements with countries like Canada and China, Trump appeared less inclined to treat tariffs as bargaining tools in this instance. He indicated that companies seeking a zero tariff rate must manufacture their goods within the U.S. and encouraged foreign leaders to reduce their own trade barriers.
“To all of the foreign presidents, prime ministers, kings, queens, ambassadors and everyone else who will soon be calling to ask for exemptions from these tariffs, I say, terminate your own tariffs, drop your barriers,” Trump declared.
The announcement coincided with the Senate’s plans to symbolically oppose Trump’s tariff policies during a vote later that evening. Although many Republican senators have shown discomfort with the president’s approach, particularly concerning tariffs on allies such as Canada and European nations, they have largely refrained from confronting him publicly, instead expressing cautious optimism that his strategy could become effective.
Senate Majority Leader John Thune responded tepidly to the announcement, recognizing the interests of his export-dependent state. “As you know, I've got my issues. I represent a state that is very dependent upon exports — so that's always a consideration for me, first and foremost, there's a home state interest there,” Thune said. “I think time will tell.”
Speaker Mike Johnson conveyed hope that the new tariffs would encourage other countries to lower their own trade barriers, an argument emphasized by many Republican lawmakers despite the White House’s insistence that renegotiating the new tariffs is not on their agenda.
“They're going to bring their tariffs down because they need us to be active trading partners,” Johnson noted. “I'm a big advocate of the free market and free trade. The president says free and fair trade, you got to have both. And I think that resonates with American people. I think they understand it.”
Meanwhile, Senator Tim Kaine announced that Republican Senators Susan Collins, Lisa Murkowski, Rand Paul, and Mitch McConnell had committed to supporting his measure to end the national emergency Trump has used to justify the tariffs on Canada.
In a post on Truth Social earlier that morning, Trump accused these senators of suffering from “Trump Derangement Syndrome,” a term frequently employed by him and his allies to label those opposing his policies. He expressed frustration, claiming the senators have been “extremely difficult to deal with” and labeled them “unbelievably disloyal” to Thune.
Mathilde Moreau for TROIB News
This move represents a risky gamble.
The unprecedented tariffs, which target both allies and adversaries of the U.S. and are set to take effect soon, signify the onset of a significant and comprehensive experiment in protectionism — one that could have dire consequences if it does not succeed.
Although the newly announced tariffs did not represent the most extreme approach Trump could have taken, they indicate a fundamental change in U.S. trading relationships. This shift poses a risk of increased inflation by raising the cost of goods for American consumers and potentially leading the nation into a recession.
Initial reactions were swift and severe: market futures fell sharply, industry groups expressed alarm, and even some lawmakers within Trump’s own party offered only lukewarm support. Certain Senate Republicans were reportedly preparing to back a Democratic proposal aimed at blocking the tariffs on Canada, although such an effort is almost certain to fail in the House.
Trump appeared to be acutely aware of the skepticism surrounding his announcement when he spoke shortly after U.S. stock markets closed on Wednesday afternoon. His timing seemed deliberate to avoid the unfavorable optics of plummeting markets during his speech. The administration had communicated for several weeks that there could be short-term economic repercussions, though they promised that U.S. manufacturing would ultimately benefit. He referred to the day as “Liberation Day” from countries he labeled as “cheaters” and “scavengers.”
“When you look a little bit, it's not a pretty picture, and we don't like it, and it's not fair,” Trump stated. “We’re really not taking it anymore.”
While other issues, such as government spending cuts and the termination of diversity programs, have taken precedence in the early days of Trump’s second term, tariffs have long been a personal priority for him. Trump has sought to rectify perceived trade imbalances for decades, first raising concerns in the 1980s about being “ripped off” by Japan and advocating for tariffs as high as 20 percent on imports from the country.
During his Wednesday announcement, Trump unveiled the tariffs on a variety of nations one by one — with rates ranging from 10 to 50 percent — in a style reminiscent of a game show host. He promised that these measures would restore fairness to trading relationships that he has long criticized, treating the Rose Garden event as a celebratory occasion.
“I've been talking about it for 40 years, because I saw what was happening,” he reminisced, referencing interviews from his youth. “I'd be talking about how we were being ripped off by these countries. I mean, nothing changes very much. The only thing to change was the countries, but nothing really changes.”
The White House prepared extensively for backlash against the tariff proposal, sending out emails that traced media coverage of past tariffs that the administration claimed had been misrepresented. However, the magnitude of these tariffs is unprecedented in contemporary history, leaving uncertainty about their potential economic impact.
Wall Street and the business community responded quickly and negatively. By early Wednesday evening, after the markets had closed, Dow Futures had dropped 918 points, equivalent to 2.2 percent, while S&P 500 Futures fell 3.2 percent, and NASDAQ 100 Futures decreased by 4.1 percent. Numerous organizations, including the U.S. Chamber of Commerce and the International Dairy Foods Association, publicly condemned the new tariffs.
“Broad and prolonged tariffs on our top trading partners and growing markets will risk undermining our investments, raising costs for American businesses and consumers, and creating uncertainty for American dairy farmers and rural communities,” stated Becky Rasdall Vargas, the association’s senior vice president of trade and workforce policy.
Unlike during his first term, when he leveraged tariffs to negotiate agreements with countries like Canada and China, Trump appeared less inclined to treat tariffs as bargaining tools in this instance. He indicated that companies seeking a zero tariff rate must manufacture their goods within the U.S. and encouraged foreign leaders to reduce their own trade barriers.
“To all of the foreign presidents, prime ministers, kings, queens, ambassadors and everyone else who will soon be calling to ask for exemptions from these tariffs, I say, terminate your own tariffs, drop your barriers,” Trump declared.
The announcement coincided with the Senate’s plans to symbolically oppose Trump’s tariff policies during a vote later that evening. Although many Republican senators have shown discomfort with the president’s approach, particularly concerning tariffs on allies such as Canada and European nations, they have largely refrained from confronting him publicly, instead expressing cautious optimism that his strategy could become effective.
Senate Majority Leader John Thune responded tepidly to the announcement, recognizing the interests of his export-dependent state. “As you know, I've got my issues. I represent a state that is very dependent upon exports — so that's always a consideration for me, first and foremost, there's a home state interest there,” Thune said. “I think time will tell.”
Speaker Mike Johnson conveyed hope that the new tariffs would encourage other countries to lower their own trade barriers, an argument emphasized by many Republican lawmakers despite the White House’s insistence that renegotiating the new tariffs is not on their agenda.
“They're going to bring their tariffs down because they need us to be active trading partners,” Johnson noted. “I'm a big advocate of the free market and free trade. The president says free and fair trade, you got to have both. And I think that resonates with American people. I think they understand it.”
Meanwhile, Senator Tim Kaine announced that Republican Senators Susan Collins, Lisa Murkowski, Rand Paul, and Mitch McConnell had committed to supporting his measure to end the national emergency Trump has used to justify the tariffs on Canada.
In a post on Truth Social earlier that morning, Trump accused these senators of suffering from “Trump Derangement Syndrome,” a term frequently employed by him and his allies to label those opposing his policies. He expressed frustration, claiming the senators have been “extremely difficult to deal with” and labeled them “unbelievably disloyal” to Thune.
Mathilde Moreau for TROIB News
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