Ladies and gentlemen, the President of the United States.

It was an overcast windy day at the White House yesterday, and a crowd gathered in the Rose Garden.

There was a brass band playing behind us with reporters

as the president was about to enter the Rose Garden.

That's our colleague Brian Schwartz.

He was there for a big event.

So were cabinet members, Republican senators, and union workers in hardhands.

Thank you. Nice crowd. What a good-looking group of people. Well, we have some very, very good news today.

It was pretty surreal. It was very kind of regal with this kind of blue collar feel. There were

American flags draped behind the president while he was speaking. My fellow Americans,

this is Liberation Day, waiting for a long time. April 2nd, 2025 will forever be remembered as the day American industry was reborn.

Trump announced sweeping new tariffs on dozens of countries, from allies to adversaries,

in a bid to reinvigorate U.S. manufacturing.

But these tariffs have sent markets into a tailspin,

as businesses, governments, and investors digest an escalating global trade war.

In one word, what could these tariffs mean for the global economy?

Well, I don't know if it's one word, but one phrase, short-term pain.

That is what the administration concedes could happen.

So short-term pain, I translate that into significant losses in the stock market.

Maybe some companies having some struggles with their earnings,

and maybe some companies deciding that there may have to be some cuts, job cuts,

because they have to figure out how to navigate these new trade waters post Trump's announcement.

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