He also declared that April 2, 2025, would be remembered as the day

“American industry was reborn.”

In an impassioned speech, Trump framed the measure as a necessary correction to decades of economic exploitation.

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike… Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore.”

Critics, however, warn of severe consequences. Economists and international observers alike fear that these tariffs could not only trigger higher prices for American consumers but also tip the global economy into recession.

Ken Rogoff, former chief economist at the International Monetary Fund, offered a stark assessment.

“This essentially topples a nuclear device onto the global trading system,”

he told the BBC