Was ‘Liberation Day’ just shock therapy?
With Treasury Secretary Scott Bessent announcing that a trade deal between the US and India could be imminent, it once again raises the possibility that Trump’s intended outcome is not the imposition of high, permanent tariffs – but that the measures announced on “Liberation Day” were really just shock therapy aimed at the ultimate liberalization of trade. It is significant that India was one of the countries which were originally put down for some of the higher tariffs: 26 percent was going to be the blanket rate on imports from India. South Korea, another country with which trade deal negotiations seem to be in an advanced state, was going to be subject to 25 percent tariffs.