A few moments ago, President Donald Trump stood in the White House Rose Garden, flanked by a chart of global trade disparities, and declared a new era for America: "Liberation Day."

With a stroke of his pen, he ignited what he calls a rebirth of American industry—and what critics are already dubbing a full-blown trade war. "For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, friend and foe alike," Trump thundered at the "Make America Wealthy Again" event. "April 2, 2025, will forever be remembered as the day we took it all back."

The weapon of choice? "Reciprocal tariffs," a policy Trump touts as both tough and generous, charging nations half of what they impose on U.S. goods. Effective midnight Eastern Time (04:00 GMT, 09:30 IST on April 3), the tariffs hit a laundry list of countries and industries, promising to reshape global commerce—or, as some fear, shatter it entirely.

"American steelworkers, auto workers, farmers, and craftsmen have suffered gravely," Trump said, vowing to end the "ransacking" of factories and the "stealing" of jobs by "foreign cheaters."

Here’s the hit list: China faces a 34% base rate (plus an extra 20% kicker, totaling 54% in some cases), Vietnam gets slammed with 46%, India takes a 26% punch, and the European Union absorbs 20%. Japan (24%), South Korea (25%), and Taiwan (32%) join the fray, while allies like the UK, Singapore, and Brazil catch a lighter 10%. Switzerland (31%), Malaysia (24%), Indonesia (32%), Ukraine (10%), and Venezuela (15%) round out the roster. "We’re doing to them what they do to us—simple as that," Trump explained, brandishing his tariff chart like a battle flag.

The fallout spans industries: steel and aluminum imports now carry a 25% duty, cars and trucks get the same, and motorbikes from India and Vietnam face matching rates of 100% and 70%. Semiconductors start at 25% and climb higher, pharmaceuticals lose their long-held exemption, and agriculture feels the sting—India’s 100% agri tariffs met with 50%, Japan’s 700% rice duty with 350%. Australia’s beef? Banned outright. Europe’s wine and spirits teeter on the edge of a 200% tariff cliff, pending confirmation.

Trump calls tariffs "the most beautiful word in the dictionary," but the world isn’t swooning. Economists predict a grim domino effect: inflation spiking U.S. household costs by thousands, supply chains buckling, and a global recession looming.

Yale pegs a 20% tariff hike at $3,400 per American family; markets have already bled $5 trillion since Trump’s return. Allies like Canada and the EU brace for retaliation, while China, nursing the heaviest blow, plots its next move. "A trade war benefits no one," warned one financial expert, yet Trump shrugs: "Let’s see what happens."

Supporters cheer the promise of jobs "roaring back," but skeptics see a house of cards. Will this "Tariff Tempest" make America wealthy again—or leave it, and the world, picking up the pieces? As April 3 dawns, the experiment is live, and the stakes couldn’t be higher.