Supply Lines

Two Data Points to Consider a Year Since Trump’s Tariff Liberation Day

Trump’s plans were significantly scaled back after markets plunged, reflecting inflationary and growth threats from import taxes

US President Donald Trump holds a reciprocal tariffs poster during a tariff announcement in the Rose Garden of the White House in Washington, DC, US, on Wednesday, April 2, 2025.Photographer: Kent Nishimura/Bloomberg

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By Shawn Donnan

March 30, 2026 at 11:00 AM UTC

This article is for subscribers only.

Welcome to Liberation Day anniversary week. On April 2nd a year ago President Donald Trump walked into the White House’s Rose Garden and set out to remake the global trading system by announcing he was erecting the largest tariff wall around the US economy seen in a century.

What has happened since is well-documented. Markets crumbled and then recovered when Trump delayed and scaled back his original duties. Which means to a certain audience a taco isn’t just a meal anymore. Thanks to Liberation Day (and Robert Armstrong of the Financial Times), “Trump Always Chickens Out” is the financial markets meme that refuses to go away.

The US Supreme Court in February declared Trump’s Liberation Day tariffs illegal, which means a messy $170 billion refund process is now underway. Polls show his tariffs are at least as unpopular as the Iran war Trump launched a month ago with a November mid-term election approaching rapidly. Though Trump and his team seem unbowed as they set about rebuilding his tariff wall and China prepares to retaliate as well.