Hello and welcome to World Business Report with me, Rahul Tandon.
Sometimes we just deal with one story on the program
because that story has such implications for the global economy and that is what we're doing today.
Some have described this day as a reversal of 75 years of global trade policy.
We are, of course, talking about tariffs once again.
How important is this day?
Well, we're going to let our guest, the likes of Kenneth Rogger,
former chief economist at the IMF, answer that question shortly.
But what has happened?
Well, President Trump has announced sweeping new tariffs on goods entering the United States from across the world.
What does that mean?
Well, it means there's 10% tariffs now on all imports, but there are higher rates for some trading partners.
In front of an audience of cabinet members and workers wearing hard hats, President Trump explained what it represents.
In a few moments,
I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world.
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.