US President Donald Trump has launched what he calls a "liberation day" event. He announced an executive order that will introduce new "retaliatory tariffs" aimed at countries imposing trade barriers on the United States.

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Trump said that 2 April 2025 would be remembered as the day American industry was revived. “For decades our country has been looted, pillaged, raped and plundered by nations near and far,” he said, blaming both allies and adversaries for harming US economic interests.

Trump added that “jobs and factories will come roaring back into our country, and you see it happening already.” 

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“We will pry open foreign markets and break down foreign trade barriers. Ultimately, more production at home will mean stronger competition and lower prices for consumers. This will be, indeed, the golden age of America,” he said.

Trump also confirmed his plan to sign an executive order implementing “reciprocal tariffs” on various countries. “Reciprocal, that means they do it to us and we do it to them. Very simple. Can't get any simpler than that,” he said.

Defending tariffs, Trump said, "We subsidize a lot of countries and keep them going and keep them in business," Trump said about trade partners, specifically Mexico and Canada. "Why are we doing this? I mean, at what point do we say you got to work for yourselves." 

 "This is why we have the big deficits. This is why we have that, amount of debt that's been placed on our heads over the last number of years, and we're really not taking it anymore," he added.

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(With inputs from agencies)