ABC News Daily
Will Trump’s ‘liberation day’ lead to global recession?
Apr 3, 2025
Carrington Clarke, ABC's North America correspondent, sheds light on Trump's new tariffs aimed at revitalizing U.S. manufacturing. He discusses the president's assertion that America has been exploited in global trade, provoking concerns about a looming recession. Clarke explores contrasting economic beliefs, revealing tensions between Trump’s zero-sum view and broader economic consensus. The conversation also highlights strained U.S.-Australia trade relations, particularly over beef imports, and the significant implications these tariffs could have on global trade dynamics.
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Quick takeaways
- Trump's new tariffs aim to invigorate the U.S. manufacturing sector, but may inadvertently disrupt global trade relationships.
- Australia's economy faces significant risks from U.S. tariffs, yet could gain advantages through lower tariffs compared to other nations.
Deep dives
Trump's Tariff Strategy
Donald Trump announced a significant shift in American trade policy, claiming it as a liberation day for the U.S. economy. His strategy includes imposing a 10% tariff on goods imported from various countries, including Australia, in an effort to reduce trade deficits and boost domestic production. He believes this approach will revitalize the American economy by bringing jobs back to the U.S., portraying it as a battle against nations he accuses of cheating America over decades. However, economists emphasize that trade relationships are more complex and beneficial when countries can exchange goods based on competitive advantages rather than adopting a zero-sum mindset.
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