President Donald Trump on Tuesday announced sweeping new tariffs on all imports, declaring April 2nd “Liberation Day” as the United States enters what analysts are calling a full-scale global trade war. The plan includes a blanket 10% tariff on all foreign goods, with dramatically higher rates on specific countries. China will face a staggering 70% tariff on certain goods, while the European Union and Japan will see increases up to 24%.

The announcement, made during a rally in Ohio, was met with chants of “USA” as Trump framed the move as a bold strike against what he called “decades of cheating” by foreign nations. “We are finally taking our country back,” Trump declared. “They took our jobs, our factories, our dignity. Now we take it all back.”

Effective April 5, every product crossing the U.S. border will be subject to at least a 10% import tax. Trump justified the hike by citing a so-called need to restore American self-reliance and reduce dependence on “hostile or unfair trading partners.”

The reaction from Wall Street was immediate. The Dow Jones Industrial Average fell 600 points in early trading, while companies with global supply chains issued urgent statements about cost hikes and logistical disruptions. Economists warn the tariffs could spike inflation, hit working families hardest, and provoke retaliatory measures that destabilize global markets.

The White House insists the tariffs are a long-overdue correction. A senior administration official, speaking anonymously, claimed the U.S. has been subsidizing foreign economies at the expense of American workers. “This is economic realignment. This is justice.”

Global reaction was swift. China condemned the move as “economic sabotage” and vowed countermeasures. The EU signaled it would seek redress through the World Trade Organization. Even traditional allies expressed alarm, with Japan calling the tariffs “unilateral and harmful.”

Despite the backlash, Trump’s base has embraced the move. Conservative media hailed the tariffs as a patriotic defense of the U.S. economy. Fox News ran a chyron reading: “Trump Puts America First on Trade.”

Critics, however, say this marks the beginning of a prolonged economic conflict that could backfire. “This is not about protecting American workers. It’s about ego,” said Senator Elizabeth Warren. “And American families will pay the price.”

As Trump continues to brand the tariffs as a return to economic sovereignty, the U.S. now stands at the center of a global standoff with allies and rivals alike. What he calls “Liberation Day” may soon be remembered for something else entirely: the day the trade war began in earnest.