What was the name of the sweeping tariff package President Trump announced on April 2, 2025, imposing 10% duties on almost all countries?

On April 2, 2025, President Donald Trump unveiled a comprehensive package of import duties, designating the day "Liberation Day." This initiative saw the imposition of a baseline 10 percent tariff on goods from nearly all countries, a move that significantly altered the landscape of international trade. The tariffs were enacted through Executive Order 14257, titled "Regulating Imports With a Reciprocal Tariff to Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits," and invoked the International Emergency Economic Powers Act (IEEPA) to authorize these sweeping measures.

The administration justified these actions by asserting they were "reciprocal" tariffs, intended to mirror and counteract trade barriers faced by U.S. exports and address the nation's trade deficit, which President Trump declared a national emergency. While the 10 percent universal tariff took effect shortly after the announcement, higher country-specific rates, ranging from 11 percent to 50 percent, were scheduled for major trading partners with whom the U.S. had the largest trade deficits. This two-tiered structure aimed to pressure countries to reduce their own trade barriers and open their markets to American products.

The "Liberation Day" tariffs were part of a broader series of protectionist measures implemented by the Trump administration in 2025, which saw the overall average effective U.S. tariff rate reach its highest level in over a century. Economists, however, often criticized the administration's rationale, arguing that the formula for calculating "reciprocal" tariffs was overly simplistic and that trade deficits did not inherently signify unfair trade practices. The tariffs also led to significant economic shifts, including a notable increase in U.S. tariff revenue in 2025.

Despite the initial implementation and the administration's stated goals, the legal standing of the "Liberation Day" tariffs faced challenges. In a significant development, the U.S. Supreme Court ruled on February 20, 2026, that the IEEPA did not authorize the president to impose tariffs, effectively striking down these "Liberation Day" levies as illegal. This decision meant that the tariffs, which had been in effect for nearly a year, were invalidated, and questions arose regarding potential refunds for the billions of dollars collected. However, on the date of the announcement, April 2, 2025, the package was indeed known as "Liberation Day."