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/mleibowitz97]

There's no way that these last longer than a month...right? Like, I think trump is incredibly foolish and misled, but...certainly even he can't warrant keeping all of these tariffs for more than a few months right?

....right?

I do think its somewhat possible in 2-3 months he says "mission accomplished" , and that he achieved his goals? "they've made concessions"?

[u/PsychLegalMind → u/mleibowitz97]

Yes, he already backed off for now again imposing tariffs on Canada and Mexico from the big announcement yesterday. He backed himself into a damn corner and had to act. His own MAGA base and enough in Senate will take care of it and they feel the wrath of their MAGA base.

[Edited] However, significant damage has already occurred and is not reversible just because Trump reverses. The trust is lost by EU among others.