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Trump says wave of reciprocal tariffs will go into effect at midnight

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President Donald Trump detailed sweeping new reciprocal tariffs Wednesday designed to launch a new wave of domestic manufacturing as consumers keep their eyes on prices at the gas station and grocery store.

Trump’s “Liberation Day” plans included a previously announced 25% tariff on foreign automobiles and auto parts and reciprocal tariffs on countries that put taxes on U.S. imports. Trump said the tariffs would be about half of what other countries charge the U.S.

“April 2, 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,” Trump said from the Rose Garden. “For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.”

President Trump speaks about tariffs at a Make America Wealthy Again event
Trump said American workers have been forced to watch as other nations took jobs, factories and industries away from the U.S.

“Foreign cheaters have stolen our jobs, ransacked our factories and foreign scavengers have torn apart our once beautiful American dream,” he said.

For China, the tariff rate will be about 34% on imports from the world’s most populous nation. For European Union countries, it will be 20%. For Japan, the duty will be 24%. Imports from India will get a 26% tariff. Cambodia will get hit with a 49% tariff.

In addition, Trump said a 10% baseline tariff would go into effect on April 5.

Products made in America won’t face additional duties, Trump said.

FNF Trump reciprocal tariffs chart

The broad-based tariffs on imports could spark a worldwide trade war.

U.S. Sen. Rand Paul, R-Ky., said only Congress has the power to put taxes in place. He also said free trade has made the nation rich and that tariffs would harm the U.S. economy.

“Trade is a good thing. Trade is proportional to prosperity, and so tariffs are bad economically,” he said.

Trump has said the tariffs are needed to grow U.S. manufacturing and said Canada, Mexico and China have done little to stop the flow of fentanyl coming into the U.S.

Democrats worked to thwart Trump’s tariffs, introducing a measure to stop tariffs on Canada, a longtime ally and top U.S. trading partner.

Senate Democratic Leader Chuck Schumer, D-N.Y., called tariffs a tax on families. Schumer said the average American family would face an additional annual cost of $5,000.

“It’s creating huge problems,” Schumer said.

The U.S. Chamber of Commerce has warned for months that tariffs could increase costs for U.S. consumers and hurt businesses. Neil Bradley, chief policy officer at the U.S. Chamber of Commerce, said businesses large and small don’t want tariffs.

“What we have heard from business of all sizes, across all industries, from around the country is that these broad tariffs are a tax increase that will raise prices for American consumers and hurt the economy,” he said. “We urge policymakers to instead focus efforts on accelerating the pro-growth agenda of extending our current tax policy, re-balancing regulations, and unleashing the full potential of American energy – all policies that will grow the economy and create more opportunities for Americans. In addition, the U.S. should begin negotiating new trade agreements to open up more markets for businesses and workers which will support more American jobs and lower prices.”

Last week, Trump announced a 25% tariff on imported automobiles and auto parts, duties that he said would be “permanent.” The White House said it expects the auto tariffs on cars and light-duty trucks will generate up to $100 billion in federal revenue.

Trump said eventually he hopes to bring in $600 billion to $1 trillion in tariff revenue in the next year or two. Trump also said the tariffs would lead to a manufacturing boom in the U.S., with auto companies building new plants, expanding existing plants and adding jobs.

Trump predicts his protectionist trade policies will create jobs, make the nation rich and help reduce both trade deficits and the federal government’s persistent deficits.

The “Liberation Day” tariffs come after months of talk since Trump took office in January. On the campaign trail, Trump frequently called “tariff” the most beautiful word in the English language.

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Banks

TD Bank Account Closures Expose Chinese Hybrid Warfare Threat

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From the Frontier Centre for Public Policy

By Scott McGregor

Scott McGregor warns that Chinese hybrid warfare is no longer hypothetical—it’s unfolding in Canada now. TD Bank’s closure of CCP-linked accounts highlights the rising infiltration of financial interests. From cyberattacks to guanxi-driven influence, Canada’s institutions face a systemic threat. As banks sound the alarm, Ottawa dithers. McGregor calls for urgent, whole-of-society action before foreign interference further erodes our sovereignty.

Chinese hybrid warfare isn’t coming. It’s here. And Canada’s response has been dangerously complacent

The recent revelation by The Globe and Mail that TD Bank has closed accounts linked to pro-China groups—including those associated with former Liberal MP Han Dong—should not be dismissed as routine risk management. Rather, it is a visible sign of a much deeper and more insidious campaign: a hybrid war being waged by the Chinese Communist Party (CCP) across Canada’s political, economic and digital spheres.

TD Bank’s move—reportedly driven by “reputational risk” and concerns over foreign interference—marks a rare, public signal from the private sector. Politically exposed persons (PEPs), a term used in banking and intelligence circles to denote individuals vulnerable to corruption or manipulation, were reportedly among those flagged. When a leading Canadian bank takes action while the government remains hesitant, it suggests the threat is no longer theoretical. It is here.

Hybrid warfare refers to the use of non-military tools—such as cyberattacks, financial manipulation, political influence and disinformation—to erode a nation’s sovereignty and resilience from within. In The Mosaic Effect: How the Chinese Communist Party Started a Hybrid War in America’s Backyard, co-authored with Ina Mitchell, we detailed how the CCP has developed a complex and opaque architecture of influence within Canadian institutions. What we’re seeing now is the slow unravelling of that system, one bank record at a time.

Financial manipulation is a key component of this strategy. CCP-linked actors often use opaque payment systems—such as WeChat Pay, UnionPay or cryptocurrency—to move money outside traditional compliance structures. These platforms facilitate the unchecked flow of funds into Canadian sectors like real estate, academia and infrastructure, many of which are tied to national security and economic competitiveness.

Layered into this is China’s corporate-social credit system. While framed as a financial scoring tool, it also functions as a mechanism of political control, compelling Chinese firms and individuals—even abroad—to align with party objectives. In this context, there is no such thing as a genuinely independent Chinese company.

Complementing these structural tools is guanxi—a Chinese system of interpersonal networks and mutual obligations. Though rooted in trust, guanxi can be repurposed to quietly influence decision-makers, bypass oversight and secure insider deals. In the wrong hands, it becomes an informal channel of foreign control.

Meanwhile, Canada continues to face escalating cyberattacks linked to the Chinese state. These operations have targeted government agencies and private firms, stealing sensitive data, compromising infrastructure and undermining public confidence. These are not isolated intrusions—they are part of a broader effort to weaken Canada’s digital, economic and democratic institutions.

The TD Bank decision should be seen as a bellwether. Financial institutions are increasingly on the front lines of this undeclared conflict. Their actions raise an urgent question: if private-sector actors recognize the risk, why hasn’t the federal government acted more decisively?

The issue of Chinese interference has made headlines in recent years, from allegations of election meddling to intimidation of diaspora communities. TD’s decision adds a new financial layer to this growing concern.

Canada cannot afford to respond with fragmented, reactive policies. What’s needed is a whole-of-society response: new legislation to address foreign interference, strengthened compliance frameworks in finance and technology, and a clear-eyed recognition that hybrid warfare is already being waged on Canadian soil.

The CCP’s strategy is long-term, multidimensional and calculated. It blends political leverage, economic subversion, transnational organized crime and cyber operations. Canada must respond with equal sophistication, coordination and resolve.

The mosaic of influence isn’t forming. It’s already here. Recognizing the full picture is no longer optional. Canadians must demand transparency, accountability and action before more of our institutions fall under foreign control.

Scott McGregor is a defence and intelligence veteran, co-author of The Mosaic Effect: How the Chinese Communist Party Started a Hybrid War in America’s Backyard, and the managing partner of Close Hold Intelligence Consulting Ltd. He is a senior security adviser to the Council on Countering Hybrid Warfare and a former intelligence adviser to the RCMP and the B.C. Attorney General. He writes for the Frontier Centre for Public Policy.

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Automotive

Major automakers push congress to block California’s 2035 EV mandate

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MXM logo MxM News

Quick Hit:

Major automakers are urging Congress to intervene and halt California’s aggressive plan to eliminate gasoline-only vehicles by 2035. With the Biden-era EPA waiver empowering California and 11 other states to enforce the rule, automakers warn of immediate impacts on vehicle availability and consumer choice. The U.S. House is preparing for a critical vote to determine if California’s sweeping environmental mandates will stand.

Key Details:

  • Automakers argue California’s rules will raise prices and limit consumer choices, especially amid high tariffs on auto imports.

  • The House is set to vote this week on repealing the EPA waiver that greenlit California’s mandate.

  • California’s regulations would require 35% of 2026 model year vehicles to be zero-emission, a figure manufacturers say is unrealistic.

Diving Deeper:

The Alliance for Automotive Innovation, representing industry giants such as General Motors, Toyota, Volkswagen, and Hyundai, issued a letter Monday warning Congress about the looming consequences of California’s radical environmental regulations. The automakers stressed that unless Congress acts swiftly, vehicle shipments across the country could be disrupted within months, forcing car companies to artificially limit sales of traditional vehicles to meet electric vehicle quotas.

California’s Air Resources Board rules have already spread to 11 other states—including New York, Massachusetts, and Oregon—together representing roughly 40% of the entire U.S. auto market. Despite repeated concerns from manufacturers, California officials have doubled down, insisting that their measures are essential for meeting lofty greenhouse gas reduction targets and combating smog. However, even some states like Maryland have recognized the impracticality of California’s timeline, opting to delay compliance.

A major legal hurdle complicates the path forward. The Government Accountability Office ruled in March that the EPA waiver issued under former President Joe Biden cannot be revoked under the Congressional Review Act, which requires only a simple Senate majority. This creates uncertainty over whether Congress can truly roll back California’s authority without more complex legislative action.

The House is also gearing up to tackle other elements of California’s environmental regime, including blocking the state from imposing stricter pollution standards on commercial trucks and halting its low-nitrogen oxide emissions regulations for heavy-duty vehicles. These moves reflect growing concerns that California’s progressive regulatory overreach is threatening national commerce and consumer choice.

Under California’s current rules, the state demands that 35% of light-duty vehicles for the 2026 model year be zero-emission, scaling up rapidly to 68% by 2030. Industry experts widely agree that these targets are disconnected from reality, given the current slow pace of electric vehicle adoption among the broader American public, particularly in rural and lower-income areas.

California first unveiled its plan in 2020, aiming to make at least 80% of new cars electric and the remainder plug-in hybrids by 2035. Now, under President Donald Trump’s leadership, the U.S. Transportation Department is working to undo the aggressive fuel economy regulations imposed during former President Joe Biden’s term, offering a much-needed course correction for an auto industry burdened by regulatory overreach.

As Congress debates, the larger question remains: Will America allow one state’s left-wing environmental ideology to dictate terms for the entire country’s auto industry?

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