In less than 24 hours, US President Donald Trump is poised to announce his much-anticipated “Liberation Day” in the White House Rose Garden. This declaration is part of a broader “Make America Wealthy Again” initiative, though specific details about what Trump will reveal remain largely under wraps.
US Press Secretary Karoline Leavitt emphasised the significance of April 2, 2025, claiming it will be a pivotal date in modern American history. According to her, the announcement will mark the end of what she termed America’s exploitation by foreign nations, and signals a shift toward prioritising American workers and businesses under Trump’s leadership.
Currently, speculation suggests that Trump will unveil a series of new tariffs targeting over 20 countries, including Australia, China, India, and Canada, as well as the European Union. This move follows previous tariffs imposed during Trump’s tenure, particularly on steel and aluminium, which have already impacted Australia. Furthermore, discussions are circulating around a potential shift from “reciprocal tariffs”—which match fees imposed by foreign nations—to broader and more comprehensive tariffs.
Trump’s tariffs aim to bolster American economic competitiveness, address significant trade deficits, and enhance the nation’s economic and national security, according to Leavitt. The president has characterised his economic strategy as “common sense” and insists that an America-first approach is yielding positive results.
As the event draws near, the timing of Trump’s announcement is 4pm on April 2 in the US, which translates to 7am AEDT on April 3 in Australia. Additional time zones in Australia will see the announcement at 4am AWST, 5.30am ACST, 6am AEST, and 6.30am ACDT.
In terms of Australian implications, the country has been flagged as a key target in the US Trade Representative’s analysis of “unfair trade practices”. Several contentious issues are identified, including Australia’s restrictions on importing American meats, the newly introduced news bargaining code, and aspects of the Pharmaceutical Benefits Scheme.
Australian Prime Minister Anthony Albanese has reiterated the government’s stance that these issues are non-negotiable and will defend Australia’s interests. However, some economists, like Steven Hamilton from George Washington University, suggest that while the immediate effects of the tariffs may not be substantial for Australia, the potential for retaliatory actions could have more significant adverse effects on global trade, which would in turn impact Australia negatively.
As the world watches, Trump’s announcement promises to influence not only the US economy but also the global trade landscape.