Cliff Notes
- Donald Trump has moved “Liberation Day” to 2 April to avoid association with April Fool’s Day, prompting global governments to prepare for impending tariff announcements.
- Key figures in the tariff strategy include Treasury Secretary Scott Bessent, who advocates for targeted tariffs, and Peter Navarro, a staunch tariff supporter, while Commerce Secretary Howard Lutnick pushes for aggressive tariff measures.
- The UK is optimistic about a trade deal with the US but has yet to secure concrete agreements, raising concerns about reliance on the “special relationship” amidst fluctuating negotiations.
‘Liberation Day is here’: But what will it mean for global trade?
“Liberation Day” was due to be on 1 April. But Donald Trump decided to shift it by a day because he didn’t want anyone to think it was an April fool.
It is no joke for him, and it is no joke for governments globally as they brace for his tariff announcements.
It is stunning how little we know about the plans to be announced in the Rose Garden of the White House later today.
It was telling that we didn’t see the president at all on Tuesday. He and all his advisers were huddled in the West Wing, away from the cameras, finalising the tariff plans.
Three key figures are central to it all.
Treasury Secretary Scott Bessent is the so-called ‘measured voice’. A former hedge fund manager, he has argued for targeted not blanket tariffs.
Peter Navarro is Trump’s senior counsellor for trade and manufacturing. A long-time aide and confidante of the president, he is a true loyalist and a firm believer in the merits of tariffs.
His economic views are well beyond mainstream economic thought – precisely why he appeals to Trump.
The third key character is Howard Lutnick, the commerce secretary and the biggest proponent of the full-throttle Liberation Day tariff juggernaut.
The businessman, philanthropist, Trump fundraiser and billionaire (net worth ranging between $1bn and $2bn) has been among the closest to Trump over the past 73 days of this presidency – frequently in and out of the West Wing.
If anything goes wrong, observers here in Washington suspect Trump will make Lutnick the fall guy.
What if it all goes wrong?
And what if it does all go wrong? What if Trump is actually the April fool?
“It’s going to work…” his press secretary said when asked if it could all be a disaster, driving up the cost of living for Americans and creating global economic chaos.
“The president has a brilliant team who have been studying these issues for decades and we are focussed on restoring the global age of America…” Karoline Leavitt said.