Bloomberg Television coverage of Liberation Day Tariffs for Loeb Awards. Aired on March 13, 2025.

Summary

President Trump announced Liberation Day tariffs with a 10% baseline rate on all trading partners and higher reciprocal rates on specific countries. Markets initially rallied on the 10% flat rate but reversed sharply when no carve-outs were provided. The uncertainty over long-term business impact left traders without clarity.

• Trump set a 10% baseline tariff on all countries, effective April 5.
• Reciprocal tariffs of 34% on China, 20% on EU, 24% on Japan, 46% on Vietnam, announced.
• Canada and Mexico exempted under USMCA.
• Markets initially rallied but turned negative after details revealed no sector or company carve-outs.
• Big tech, automakers, materials, and energy stocks moved lower in after-hours trading.
• Uncertainty remains about whether companies can mitigate tariff costs.