(COLORADO SPRINGS)-- President Donald Trump has designated April 2, 2025 as "Liberation Day," as he implemented new tariffs on America's trading partners.
The new tariffs will affect 180 different countries across the world, but surprisingly Mexico and Canada are not on the list. The President s
aid it's because they renegotiated the U.S.-Mexico- Canada Agreement.
A baseline tariff of 10% is set to go into affect on Saturday, but at 10 p.m. Mountain Time on Wednesday, the U.S. imposed a 25% tariff on all foreign-made automobiles.
Photo by: Christopher Hernandez
"My fellow Americans, this is Liberation Day, we've been waiting for a long time, April 2nd, 2025, will forever be remembered as the day the American industry was reborn," said President Donald Trump.
The White House is referring to the day as "Liberation Day," but democrats have come up with their own name, calling it "Recession Day," according to Fox News, and it's echoed across party lines.
"They will hurt us and there's a threat of them not only tanking the stock market but there's a threat of them leading to a recession," said Senator Rand Paul, a republican senator in Kentucky.
During the President's speech on Wednesday, he said, "It's the day that we began to make America wealthy again."
Car repair shops in the Pikes Peak Region are now preparing to pay more, after the President unveiled his tariff plan to repair the U.S. economy.
Photo by: Christopher Hernandez
"It could be anything from bumpers, fenders, hoods, any glass we might see a slight delay in shipping with the tariffs," said Richard Heizer, the owner of Heizer Hail Repair.
The new tariffs will affect 180 countries, including China and Europe, and it could impact the prices of cars, electronics, food, and much more. The White House said the tariffs will help address trade imbalances and protect American industries. Heizer says people can expect repairs to take longer and cost more.
Since Heizer owns a hail shop, most of his customers use insurance to cover their fees, but for other body shops that do not use insurance, customers might see a price increase. He also says many shops will begin to repair the broken part themselves to avoid the longer wait and expense.
"That's, unfortunately, the nature of the beast sometimes when having to obtain parts from overseas, sometimes there's a backorder, and it could be like the shipping fiasco we had a few years back, that affected everybody," said Heizer.
The two biggest repercussions to keep an eye on are how foreign countries could retaliate, and how the markets will react in the coming days.
Economists warn U.S. companies will feel the pain from the new tariffs first followed by consumers. Last year, the U.S. imported $918 billion more in goods than it exported.
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