U.S. President Donald Trump is set to unveil sweeping new tariffs on Wednesday, dubbed “Liberation Day” tariffs, a move that could escalate tensions in global trade.
The announcement, scheduled for 4:00 p.m. (2000 GMT) in the White House Rose Garden, is expected to take immediate effect, with critics warning of potential economic disruptions.
While Trump insists the tariffs will protect American industries and counter what he calls unfair trade practices, experts caution that they may lead to increased prices for U.S. consumers and a possible global recession. The White House has remained tight-lipped on specific details, with Press Secretary Karoline Leavitt confirming that the president was still refining the final terms late Tuesday.
Reports suggest Trump is considering a range of tariff measures, including blanket 20 percent duties and targeted reciprocal tariffs against nations imposing levies on U.S. goods. Some countries may receive preferential treatment, but the overall move signals a hardline stance on trade.
International reactions have been swift, with Canada, the European Union, and China preparing retaliatory measures. Canadian Prime Minister Mark Carney vowed to “fight for Canada,” while EU officials emphasized that all options remain on the table.
In contrast, Vietnam has opted for a conciliatory approach, announcing duty cuts on various goods to mitigate potential conflict.
Trump’s tariff strategy has long been a cornerstone of his economic policy, with previous measures including a 25 percent tariff on steel and aluminum in March and a 25 percent duty on foreign automobiles set to take effect on April 3.
In March, China also faced an additional 20 percent tariff on its exports to the U.S., prompting Beijing to impose countermeasures.
Despite mounting concerns, Trump remains firm in his belief that tariffs will revitalize American manufacturing and reduce trade imbalances. “They can avoid tariffs by moving their businesses to the United States,” he said, brushing off fears of rising costs.
However, with global markets on edge and key allies considering countermeasures, the full impact of the “Liberation Day” tariffs remains uncertain.
