NEW ORLEANS (WGNO) – Deemed Liberation Day by President Donald Trump, the 47th president announced the rollout of reciprocal tariffs against other nations to boost the U.S. economy. The announcement was made during a Wednesday afternoon appearance at the White House.   "In a few in a few mo ments, I will sign a historic Executive Order, instituting reciprocal tariffs on countries throughout the world,” said Trump. "Reciprocal, that means they do it to us, and we do it to them.” Gov. Jeff Landry orders hiring freeze for state government to save $20M During the press conference, Trump held up a chart, showcasing the country’s list of reciprocal tariffs. Among them are a 34-percent tax on imports from China and a 20-percent tax on imports from the European Union. Some local economists fear the potential impacts. "So, instead of $20 for this shirt, it's going to be 25—well, I don't know the exact number, but it's going to be more because there'll be less specialization in division of labor,” explained Walter Block, the Harold E. Wirth Eminent Scholar Chair in Economics at Loyola University. "The idea here is that if we try to be Jack of all trades and master of none, we're not going to have much efficiency. “ Block says the City of New Orleans may fare worse than other cities because of its dependency on its port. "If we're not going to have as much international trade as we used to, well, then New Orleans will take a hit, a much bigger hit than, say, Ohio or Kansas, where they also do international trade, but not quite as much as we do," said Block. The tariffs are expected to take effect immediately. “Effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” Trump said. The White House maintains that tariffs are an effective tool for achieving economic and strategic objectives, which they say was done during Trump's first term. Stay up to date with the latest news, weather and sports by downloading the WGNO app on the Apple or Google Play stores and by subscribing to the WGNO newsletter. Latest Posts Local economist weighs potential impacts from tariffs 5 things to know about Republicans’ new blueprint to pass Trump's agenda Houston Cougars fans rally as team heads to Final Four Jack Leiter shuts down Reds in Rangers' second straight 1-0 win Paul Skenes dominates the Rays on the day GQ publishes profile of him and girlfriend Livvy Dunne ...read more read less