A year after Liberation Day, a think tank grades how Trump's tariff promises have held up

President Trump shows reciprocal tariff rates at the White House Rose Garden on Liberation Day on April 2, 2025.

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• Trump unveiled his sweeping tariff regime one year ago on "Liberation Day."
• The Tax Foundation, a non-partisan think tank, took a retrospective look at Trump's Liberation Day claims.
• Tariffs generated revenue for the government, but less than projected, the think tank found.

One year ago, Trump announced his now-infamous Liberation Day tariffs.