2 April was dubbed Liberation Day in the US (or Recession Day by opponents) by President Trump and his allies, as sweeping tariffs were introduced against every country in the world (a baseline of 10% was introduced, which applies, for example, to the UK). This will help bring manufacturing back to the US, although that may take time. The fear is that, in the meantime, costs will rise, especially if other countries retaliate by increasing tariffs themselves. This happened in 1930 and led to The Great Depression hot on the heels of the Stock Market Crash of 1929. Let's see how markets respond tomorrow and how others react. Having said all that, I can understand Trump's position well. For too long, the US's manufacturing base has been eroded due to unfair trading practices. With US debt now at an all-time high, it is time for bold action to stem the decline. Why should the US sit idly by and watch while the rest of the world takes advantage?