Why Donald Trump's 'Liberation Day' could actually be a happy event

Donald Trump has declared today to be ‘Liberation Day’ when he plans to impose sweeping tariffs on imported goods

Happy Liberation Day! What do you mean, you’re not happy? Donald “Tariff Man” Trump, creator of this inaugural event, says it’s going to be great.

Admittedly, the main thing that Americans will be liberated from is their money if the US President goes ahead with sweeping taxes on imports today, while people in other countries, like the UK, may find themselves liberated from their jobs.

But at least US carmakers will be protected from European competition, right? Well, not so much, given the EU is likely to respond to their trade being dramatically reduced with retaliatory tariffs that hit US companies. And, of course, about 40 per cent of the parts in supposedly ‘American’ cars are imported.

Donald Trump displays a signed, executive order to impose 25 per cent tariffs on all foreign-made cars. More tariffs are expected (Picture: Win McNamee) | Getty Images

The good news is that Americans love a pick-up truck and if they suddenly realise they’ve just been priced out of their favourite by their own President, he could be in big trouble.

So this might just be the day when we are finally liberated from the ridiculous spell cast by Trump and his populist imitators around the world.