‘Liberation Day’ Triggers Tariff Shockwave: Trump Announces Sweeping Reciprocal Tariffs – Implications and Strategic Guidance for Korean Businesses
1. Imposition of Reciprocal Tariffs by the Trump Administration (1) Background and Rationale On April 2, 2025 (local time in the U.S.), President Trump declared the day “Liberation Day” and issued an executive order to implement “Reciprocal Tariffs” in response to countries that impose unfair tariff and non-tariff trade barriers on the U.S. Under this…