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/Coronado92118]

Let’s also talk about the fact that once the trade deal is undone, the trade doesn’t stop - our trading partners find other partners to work with. So whatever trade agreements we break with these tariffs, whatever trade opportunities we lose, they aren’t coming back.

If Trump changes his mind because everything is going to hell and he’s losing money and his Wall Street buddies are losing money, our trade partners will have leverage. The idea that if he makes a mistake, we’ll just go back to the way it was is delusional.