A year ago, on April 2, 2025, Donald Trump declared tariff war on the world on his “Liberation Day”.Image: KEYSTONE/KENT NISHIMURA
A year ago, US President Donald Trump announced a major tariff offensive – but from the point of view of US expert Laura von Daniels, the calculation behind the measures does not work.
Apr 02, 2026, 06:16Apr 02, 2026, 06:29
“The tariffs are causing higher costs for consumers and most companies in the USA,” said the political economist at the Science and Politics Foundation (SWP).
“Together with the drastic rise in energy prices caused by the Iran war, the tariffs are also fueling inflation again.”
There is hardly anything left of Trump’s promise to reduce the cost of living. Another promise that was not kept was high additional revenue from tariffs in order to improve the budget situation in the USA.
Trump created problems himself without necessity
“Trump has increased the budget deficit through his tax reform. Now the Iran war and other military measures threaten to tear even further holes in the state budget,” emphasized von Daniels. However, the main damage to the US economy comes from the uncertainty that Trump’s policies are creating among market participants.
“Trump created all of these problems himself – without necessity.”
In such a geopolitically tense situation, one must also expect other risks that are difficult to calculate, such as distortions in energy markets and supply chain interruptions for critical products. “That makes it even more incomprehensible why they would start a tariff war with the whole world,” says von Daniels.
One year after “Liberation Day”
A year ago today, Trump announced high special tariffs on goods from numerous countries on so-called “Liberation Day”. Aggressive tariff policy is a core element of Trump’s second term. The Supreme Court – the US Supreme Court – has now decided that many of its tariffs are unlawful in their current form.
The Supreme Court’s decision may have put a damper on Trump’s tariff policy, but it cannot stop him, said von Daniels. As announced, Trump imposed other tariffs immediately after the ruling. The US government is already considering new trade measures. (sda/dpa)