On April 2, 2025, United States president Donald Trump unleashed his “Liberation Day” tariffs, a sweeping policy hitting all US imports with a 10 percent baseline tariff, plus “reciprocal” rates aimed at countries he accuses of taking advantage of America’s trade openness.
This is Trump at full volume—a “historic reset” to “make America wealthy again,” punish perceived trade abusers, and fund either tax cuts or reduce the US$34 trillion national debt. One week in, markets are haemorrhaging, Malaysia’s leadership is rallying, and a global economy tethered to the US is on edge.
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Ivanpal Singh Grewal
Ivanpal Singh Grewal is an advocate & solicitor. He was formerly political secretary to the Plantation and Commodities minister.
