A year after Trump’s ‘Liberation Day’ tariffs, where do things stand now? #CNA

A year after Trump’s ‘Liberation Day’ tariffs, where do things stand now?
On Apr 2, 2025, United States President Donald Trump’s administration imposed sweeping tariffs on imports from more than 60 countries, with especially steep duties on China. Markets plunged, forcing a partial rollback within weeks – but the damage was already done. Businesses faced rising costs and uncertainty, while consumers saw higher prices. Countries scrambled to make deals with the US, though they only offered limited relief in most cases. Jeff Moon, president of consulting firm China Moon Strategies and former Assistant US Trade Representative for China Affairs, tells CNA’s Asia First that the tariffs “undermined trust” and “really challenged” the US’s alliances.

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