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ARTICLE · 21 APRIL 2025

One Week Since "Liberation Day"

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A lot has happened since last Wednesday, April 2nd, "Liberation Day," which we analyzed in our last update.

GlobalInternational Law
Daniel Brock
Daniel Brock
Guy Giorno
Guy Giorno
Alex Steinhouse
Alex Steinhouse
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A lot has happened since last Wednesday, April 2nd, "Liberation Day," which we analyzed in our last update.

Perhaps most notably, this includes a chaotic (sort-of) walk-back on global tariffs one week later on Wednesday, April 9th, in which President Trump instituted a 90-day pause on the 'Liberation Day' (near) global tariffs that had come into effect mere hours earlier. The 90-day pause nonetheless concretized a baseline (near) global 10% tariff rate on imported goods, while maintaining the sectoral tariffs, and even increasing tariffs on Chinese imports to 145%.

Also, Treasury Secretary Scott Bessent announced that Mexico and Canada would also suddenly be subject to the 10% threshold. Within the hour of the Bessent announcement, however, the status quo had returned. As of Thursday, at least, Canada and Mexico continue to only be subject to 25% duties on steel and aluminum, on some auto parts, and on non-CUSMA compliant goods. That is, until future threatened

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