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During an April 2 event at the White House Rose Garden, President Donald Trump laid out a sweeping tariff plan – touting it as “Liberation Day” for the country.

“For decades, our country has been looted, pillaged, raped, and plundered by nations near and far – both friend and foe alike,” said Trump. “American steel workers, auto workers, farmers and skilled craftsmen – they really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs; foreign cheaters have ransacked our factories; and foreign scavengers have torn apart our once beautiful American dream.”

The White House had been trumpeting the anticipated tariff initiative, but details were scarce until Wednesday’s announcement.

“Our country and its taxpayers have been ripped off for 50 years but it’s not going to happen anymore. In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world,” said Trump. “Reciprocal – that means they do it to us and we do it to them. Very simple – can’t get any simpler than that. This is one of the most important days, in my opinion, in American history. It’s our declaration of economic independence.”

Key details of the tariff plan include:

• 10% baseline on all imported goods, effective April 5 at 12:01 a.m.
• Customized reciprocal tariffs on nearly 60 countries that the United States has the largest trade deficits with (a chart with further details is available here)
  • The U.S. will charge those countries around half of the imbalance that the administration laid out, effective April 9 at 12:01 a.m.
• For Canada and Mexico – the existing fentanyl/migration International Emergency Economic Powers Act orders remain in effect and are unaffected by this order
  • As such, United States-Mexico-Canada Agreement-compliant goods will continue to see a 0% tariff
  • Meanwhile, non-USMCA compliant goods will see a 25% tariff, and non-USMCA compliant energy and potash will see a 10% tariff
• Goods that are not affected by the reciprocal tariffs include:
  • Steel/aluminum and autos/auto parts (already subject to other tariffs)
  • Copper, pharmaceutical, semiconductors, and lumber (may become subject to future tariffs)
  • Bullion
  • Energy and other certain minerals not available in the U.S.

The full executive order is available here.

“With today’s action, we are finally going to be able to Make America Great Again – greater than ever before,” said Trump. “Jobs and factories will come roaring back into our country. And you see it happening already. We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers. And ultimately, more production at home will mean stronger competition and lower prices for consumers.

“This will be, indeed, the golden age of America – it’s coming back.”

https://t.co/CdTzF2sfMZ

— Donald J. Trump (@realDonaldTrump) April 2, 2025

‘Uncertainty remains’

Business leaders around the Garden State – and well beyond – are digesting these major new developments and reacting.

“Today’s announcement provides some much-needed clarity on President Trump’s tariffs – as we now have details on the specific rates being applied to certain countries,” said Tom Bracken, New Jersey Chamber of Commerce President and CEO. “Uncertainty remains about the broader economic impact, including effects on inflation, consumer spending, and both short- and long-term economic growth. We will be engaging with our member companies to assess how these tariffs will affect individual New Jersey businesses and industries.”

New Jersey Business & Industry Association President and CEO Michele Siekerka said the tariffs will impact Jersey businesses and manufacturers differently – depending on how they import and export.

“Generally speaking, free trade is good for New Jersey, particularly as a port and logistics state,” Siekerka told NJBIZ. “Any time you’re looking at a possible interruption to free trade, it’s going to be concerning.”

She noted that one sentiment that the NJBIA hears from some is that these tariffs could amount to short-term pain for long-term gain.

“But that long-term gain is also contingent on other pieces of a comprehensive puzzle falling into place, like Congress extending the federal tax cuts provided in the 2017 Tax Cuts and Jobs Act – and there being less in the form of costly regulations and lower energy costs projected under the Trump administration,” said Siekerka. “There is hope that some domestic manufacturers can benefit and it’s a positive to see some companies start to plan to discuss onshoring or reshoring here in the States.

“But then those plans also take time,” she added.

More precision

The NJBIA has also called for a more surgical and targeted approach to tariffs – focusing on foreign products also made in this country.

“While we can appreciate the effort of the president to try and evenly square the tariffs we receive with the tariffs we charge, it’s sometimes not an apples-to-apples comparison in terms of what we might export and import with a particular nation,” Siekerka explained.

“For example, hypothetically, if we don’t export much with one country, but we import from there and all of a sudden there’s a big price increase on a product that we don’t make a lot of – that will impact our businesses negatively.”

The news rattled markets in post-trading hours – while leaders from the impacted countries are still processing the announcement, with the potential to impose their own reciprocal rates.

This situation is fluid and still developing. Please stay with NJBIZ for the very latest updates as this tariff plan unfolds.