Trump may have liberated millions from their savings

In a speech that sought to portray the wealthiest country in the world as a victim of the global system of trade it created, Donald Trump proclaimed “liberation day” yesterday as he announced sweeping tariffs on all imports into the United States.

- RICHARD HALL

Precisely who was being saved, and from what, was unclear. If the initial market reaction is anything to go by, many Americans may soon be liberated from their retirement savings.

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said, likening the US trade deficit to the Mongols’ sacking of Baghdad.

The much-anticipated announcement, billed as a day to “Make America Wealthy Again”, was the culmination of a months-long cat-and-mouse game the president had played with the global economy.

Economists have called it a gamble that could raise prices, cause job cuts, and start a global trade war. Trump insisted in his speech that “jobs and factories will come roaring back into our country” as he announced 10 per cent tariffs on all imports.

"It's our declaration of economic independence," Trump said at the event, promising a “golden age” for the United States.

In a surreal scene, the president took on a role akin to a game show host as he grappled with a giant cardboard chart detailing the tariffs that would be imposed on each country, adding commentary for each as he went down the list.

“You know, you think of the European Union, very friendly, they rip us off. It's so sad to see. It’s so pathetic,” he said as he announced 20 per cent tariffs on all imports from the bloc.

“Vietnam. Great negotiators, great people. They like me. I like them. The problem is they charge us 90 per cent – we're going to charge them a 46 per cent tariff,” he went on.