English
The clue is in the name: Liberation Day. When President Trump announced at the beginning of his speech that he was declaring the independence of the United States from the global trade system, this was not a negotiation. The rhetoric used was violent: “America has been looted, pillaged and raped by other countries.” The scale of the tariffs imposed was unprecedented—a minimum of 10% and for some, notably China, much higher.
The International Chamber of Commerce (ICC) released its 2025 global trade outlook after conducting consultations and focus groups with business leaders around the world.