World is braced for Trumps taxes: five questions and answers

This article was last updated on April 2, 2025

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World is braced for Trumps taxes: five questions and answers

Friend and foe is ready. It is expected that tonight around 10 p.m. Dutch time, US President Trump will announce a new series of import duties on foreign goods. According to him, that is good for the US economy, and therefore for companies and consumers.

Because the President the US is conjuring a new Golden Age, Trump has named this day a kind of American liberation day: ‘Liberation Day’. In the garden of the White House, with a series of taxes he would like to “free” the economic ties with abroad. According to him unfair.

On the contrary, economists suspect that the US will fall economically in their own footing with all taxes. Parts and raw materials from abroad cannot simply be replaced for American alternatives. That is why the bill threatens to end up with American consumers. For a long time, the American stock exchange has been in red, especially after Trump himself dropped the word recession.

Partly for that reason, until the last minute, it would remain unclear what Trump will do.

What are import duties good for?

Import duties are taxes that a country can impose on companies and consumers who buy certain goods or raw materials from abroad. Countries usually introduce these taxes to protect their own companies or economics. For example, because in another country things are made extremely cheap thanks to government support.

US President Trump thinks that in particular China, Canada, Mexico and the European Union sell too much in the US and buy too few American items.