2 April 2025. Spring had arrived in the Rose Garden of the White House. In a speech delivered there, US President Donald Trump described the day as “one of the most important in the history of the United States” and declared it “Liberation Day”, or a day of “economic independence”.

Signing an executive order, he declared a “national emergency” to address the US trade deficit and later imposed additional “reciprocal” tariffs ranging from 11 per cent to 50 per cent on countries with which the United States had the largest trade deficits.

Trump had said at the time, “From now on, we will be smart again and a very rich country.” He claimed the new policy would boost domestic production, create jobs, and “bring in trillions of dollars to cut taxes and pay off the national debt.”

Many economists said the formula used to calculate the “reciprocal” tariffs was overly simplified and had little connection to real trade barriers.

Some argued that it was less about reducing trade deficits and more about pursuing geopolitical interests. Importers said the tariffs would come directly out of their pockets. For consumers, the message was simple: they would have to buy goods at higher prices.

On 14 April, five small American businesses filed a lawsuit against the Trump administration. The businesses included a wine importer from New York, a cycling apparel brand from Vermont and an educational materials manufacturer from Virginia.