Name: How Trump Rewrote the Rules of Global Trade in One Year
Uploaded: 2026-04-02T15:30:00Z
Duration: 5 min 55 s
Description: On the one year anniversary of Liberation Day, WSJ’s Gavin Bade explains how President Trump forever changed U.S. trade policy.

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On the one year anniversary of Liberation Day, WSJ’s Gavin Bade explains how President Trump forever changed U.S. trade policy. Photo: Kent Nishimura/Pool/EPAShutterstock; Kyle Grillot/Bloomberg News

https://m.wsj.net/video/20260402/2a3859f6-302b-4e06-8539-b5d60e9504b2/1/hls/manifest-hd-wifi.m3u8

On the one year anniversary of Liberation Day, WSJ’s Gavin Bade explains how President Trump forever changed U.S. trade policy.

How Trump Rewrote the Rules of Global Trade in One Year

One year ago today, Trump proclaimed Liberation Day, rewriting tariffs for virtually every US trading partner and sending tariff rates, which now average around 12%, on a rollercoaster ride.

April 2nd, 2025, will forever be remembered as the day American industry was reborn.

In the years since, he's used those tariffs to rewrite US trade policy, moving from a model of cooperative trade agreements to one that emphasizes overt economic coercion against US allies and adversaries alike. Here's how we got here.

Japan, 46%.

Hiking tariffs on just about every US trading partner bewildered American and foreign businesses alike. Not just because of the higher rates, but because Trump announced tariffs on even some uninhabited territories like the Heard and McDonald Islands, which are home to millions of penguins, but no humans. The average US tariff rate rose from 9.1%, already much higher than under President Joe Biden, to 24.2%, the highest average rate since the Great Depression. After a week of chaos in the markets, Trump posted on his Truth Social platform that he would pause the tariffs for 90 days to allow negotiations with trading partners. The move came to be known as Trump's first TACO. A Wall Street acronym for Trump Always Chickens Out.

It's called negotiation. You set a number and if you go down, you know, if I set a number at a ridiculous high number and I go down a little bit, you know, a little bit, they want me to hold that number, 145% tariff. Even I said, "Man, that really got up."

Trump's tariff pause didn't alter the average tariff rate much because triple digit levies on China remained in effect. However, it did stun some lawmakers.

What are the details?

We've had discussion.

How long is the pause? How many days? How many weeks?

I understand it's 90 days. I haven't spoken to the president since I've been-

So the trade representative hasn't spoken to the president of the United States about a global reordering of trade?

Yes, I have. I just been in the hearing with you.

But yet he announced it on a Tweet? WTF, who's in charge.

In addition to the Liberation tariffs, the US and China had been escalating their trade war for months. By the spring, tariffs between the nations reached above 100%, virtually cutting off trade between the world's two largest economies. In May, the US and China entered into a tariff truce, which lowered the average US tariff rate from 24.2 to 15.2%.

We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%.

Besides talking with China, Trump's team spent the summer negotiating trade agreements with many major US trading partners, from the European Union to Japan and South Korea. In August, Trump announced on Truth Social that he would reimpose the Liberation Day tariffs, giving lower rates to nations that struck deals with the US. All told, the average tariff rate rose from 15.2% to 18.4% as a result of the move, but those reinstated tariffs would not last long. In February, the Supreme Court ruled that Trump had overstepped his authority when he used a 1970s emergency law to justify the global tariffs.

They're just being fools and lap dogs for the rhinos and the radical left Democrats. And not that this should have anything at all to do with it, they're very unpatriotic and disloyal to our constitution.

Trump quickly countered the court, issuing a new 10% global tariff under a different legal authority. The move meant that the average tariff rate dropped from 18.4% to 12.1%, around where it remains today. Throughout the year, Trump's team set three goals for his tariff policies, bringing back manufacturing to the US, raising money for the government, and providing leverage for trade agreements with other nations. Let's see how they've done. Since Liberation Day, the US has lost nearly 90,000 manufacturing jobs, even as industrial production has risen. Trump's team has more than tripled US tariff revenue, collecting $264 billion in calendar year 2025 compared to 79 billion the year before. But so far, that revenue has been dwarfed by Trump's other economic policies like his 2025 tax cut and his increased military spending. Also analysis by the New York Fed shows that nearly 90% of the tariff costs have been born by US consumers and businesses. Still, Trump's team was able to use the tariffs to push about 20 trading partners into new trade agreements, including major economies like the European Union, India, Japan, South Korea, and others. In the end, the most lasting consequence of Trump's Liberation year may be on how the US conducts its trade policy. For decades, the US relied on cooperation with global trading partners to guide its economic plicy. But Trump's second term has all but dispensed with that approach. Instead, relying on overt economic coercion with Trump threatening to destroy other economies with tariffs if they do not bend to his demands.

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