Peter Gattuso / April 4, 2025

How the White House Calculated Its ‘Reciprocal’ Tariffs on Imports

The tariff rates are on trade deficits.

Fact Check

President Trump Holds “Make America Wealthy Again Event” In White House Rose Garden

President Donald Trump holds up a copy of a 2025 National Trade Estimate Report as he speaks in the Rose Garden at the White House on April 2, 2025, in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)

President Donald Trump on Wednesday unveiled new U.S. tariffs on imports in his “Liberation Day” speech in Rose Garden. “In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world,” Trump said in his speech. “Reciprocal,” he emphasized.