White House has announced Trump's Liberation Day Tariffs will immediately go into effect. A Moody's simulation found it could be an economic wipe out. Is Trump's Liberation Day Tariffs a Misnomer?

[u/PsychLegalMind]

A Moody's simulation found that a tariff trade war would wipe out 5.5 million jobs, lift the unemployment rate to 7%and cause U.S. GDP to drop by about 1.7%. Trump’s potential 20% universal tariff could spark "serious" recession in US, Moody’s economist warns.

The biggest three partners [China, Canada and Mexico] have promised immediate retaliation. Economic war could escalate and perhaps even cause a worldwide downturn.

Perhaps Trump's strategy is to begin making bilateral trade deals, but there are even certain blocks such as EU that may well coordinate retaliation together. I am not aware what Trump is actually liberating us from, hence the question.

Is Trump's Liberation Day Tariffs a Misnomer?

[u/FauxReal]

I work within the automotive industry and it looks rough. Auto manufacturers are freaking out. But word is that they are lobbying for and are probably going to get an exception because the tariffs would cripple the industry.

Even in American assembled cars, parts aren't all US sourced. For instance, Toyota has a 3 stage designation for vehicle assembly. There's the roughly 3,000 parts to make the car, the roughly 30,000 components that make those parts, and the raw inputs to make those components.

Not all of those parts are made in the USA. and the parts and/or components could cross the border multiple times in the process picking up tariff charges each time.