Key Points

Trump's remarks came while he participated in the Make America Wealthy Again Event.

"My fellow Americans, this is Liberation Day, waiting for a long time. April 2nd, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to Make America Wealthy Again," the US President said.

He emphasised that after decades of exploitation, the era of American taxpayers being "ripped off" was over.

Trump said, "Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore."

Trump further said, "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. This is one of the most important days, in my opinion, in American history. It is our Declaration of Economic Independence. For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. With today's action, we are finally going to be able to make America great again, greater than ever before."

Earlier on Tuesday, the White House had said that the tariffs would go into effect immediately.

Recently, Trump had said that he had heard that India was dropping its tariffs on American goods substantially.

"I think I heard that India just a little while ago is going to be dropping its tariffs very substantially, and I said why didn't somebody do this a long time ago," he said.

- ANI