US president set to announce major tariff hikes targeting trade imbalances
US President Donald Trump is set to unveil a new set of country-specific tariffs later today (April 2), an event he has dubbed “Liberation Day.” The tariff hike is expected to be the largest unilateral increase since the Cuban embargo of the 1950s.
Trade and tariffs have been a central theme of Trump’s presidential campaign, forming the backbone of his strategy to boost the American economy. Countries such as India and Japan are expected to be hit by reciprocal tariffs due to their heavy taxation on American goods.
According to the White House, the new taxes will take immediate effect, while tariffs on automobiles will come into force from April 3.
“The president will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. It’s time for reciprocity, and it’s time for a president to take the historic change to do what’s right for the American people,” said White House Press Secretary Karoline Leavitt.
Date and time of Trump’s tariff announcement
Trump is scheduled to announce the new tariffs at 4 PM (local time) on Wednesday. As per Eastern Time (ET).
The announcement will be made during the ‘Make America Wealthy Again’ event at the White House Rose Garden. Reciprocal tariffs will take effect immediately after Trump’s declaration.
Where to watch Trump’s tariff announcement
The event will be broadcast live on major news networks including Fox News, CNN, and CNBC. It will also be available for live streaming on the official White House website and various online platforms.
What to expect from Trump’s new tariffs?
Although the full list of affected nations remains unknown, reports suggest that Trump could impose a 25% tariff on key trading partners such as Germany, Japan, Italy, Taiwan, and Vietnam. India is also likely to face reciprocal tariffs.
According to the White House, the primary goal of these tariffs is to address trade imbalances between the US and its trading partners, regardless of whether they are allies or rivals.