The president will reveal the long-awaited details of his tariff plan at a White House Rose Garden event, set to take place after stock markets close.
WASHINGTON—President Donald Trump is set to announce reciprocal tariffs for all nations starting April 2, the date he has dubbed “Liberation Day.”
Companies, markets, and governments are on edge, expecting the move to send shockwaves across the globe.
Liberation Day will impact all countries, Trump told reporters over the weekend aboard Air Force One. However, some countries will be more vulnerable due to their high trade imbalances with the United States and significant trade barriers against American goods, including China, India, the European Union, Canada, Mexico, the United Kingdom, Vietnam, Japan, and South Korea.
The president will reveal details of his tariff plan at a White House Rose Garden event Wednesday afternoon after the stock markets close.
Speaking to reporters from the Oval Office on March 31, Trump stated that his tariff rates will be lower—and in certain instances “substantially lower”—than what other countries have been charging the United States.
“We are going to be very nice by comparison to what they were,” the president said. “We have a world obligation, perhaps, but we’re going to be very nice, relatively speaking. We’re going to be very kind.”
On Feb. 13, the president unveiled the concept, describing it as a “fair and reciprocal plan” for trade by raising U.S. levies to match duties that other nations impose on U.S. products.
He instructed his team to assess and recommend tariffs on countries that impose significant barriers to U.S. products, including tariffs, value-added taxes, and other non-tariff restrictions. The assessment will also consider the foreign exchange policies of America’s trading partners.
Trump’s tariff policies are anticipated to have a significantly broader impact on products, industries, and countries affected by tariffs compared to previous administrations. According to an estimate by consulting firm PwC, the measures could increase U.S. tariff revenues from $76 billion annually to almost $697 billion.
A key objective behind the administration’s tariff plans is to reverse America’s decades-long trade deficit.
The United States has recorded trade deficits every year since 1976. Last year, the U.S. goods and services trade gap surpassed $918 billion—a 17 percent increase from 2023.
