The Trump Liberation Day tariffs refer to a sweeping set of trade restrictions and import taxes proposed by Donald Trump after returning to office in 2025. They were part of his broader economic agenda announced on what his supporters dubbed “Trump Liberation Day” — the day marking his re-entry into the White House.

The tech billionaire has suddenly fallen out with Donald Trump, and the two are jousting on social media.

Elon Musk has predicted that the continuation of the Trump-era tariffs will lead to a recession in the latter half of the year. This warning comes as economic analysts assess the broader impact of trade policies on the market.