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A year after ‘Liberation Day,’ what did Trump’s tariffs achieve?

On April 2, 2025, President Donald Trump announced a new era of global trade in the White House Rose Garden; one year later, his tariff policies have generated higher prices, economic disruption, and manufacturing job losses.
While the president promised an 'American industrial renaissance,' more than 100,000 manufacturing jobs have been lost over the last year, with Michael Strain, director of economic policy studies at the American Enterprise Institute, citing increased input costs.
Seven in 10 Americans believe tariffs increased their cost of living, including 64% of Republicans and 67% of independents; a European Central Bank study found U.S. importers and consumers bore the brunt of costs.
Federal customs duties generated $27 billion in January and February alone, essentially offsetting costs of the war with Iran, now estimated at more than $57 billion.
The Supreme Court ruled in February that Trump exceeded his authority by bypassing Congress to impose emergency tariffs, while tariff-aggravated inflation has complicated Federal Reserve policy, according to former Port of Los Angeles commissioner Sung Won Sohn.

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