Former President Barack Obama has criticized Donald Trump’s sweeping new tariff plan, which has sent shockwaves through financial markets. Announced on April 2, 2025—dubbed “Liberation Day” by Trump—the policy imposes a flat 10% tariff on all imports and much higher rates for 60 “worst offender” countries, including 54% on Chinese goods.

Trump, speaking from the White House Rose Garden, framed the move as a historic reset for American industry, claiming the U.S. had long been exploited by foreign nations. However, the immediate market response was turbulent: the Dow dropped 5.5%, the S&P 500 fell 6%, and the Nasdaq slid into bear market territory, sparking fears of a looming recession among investors.