Donald Trump during a press briefing at the White House, where he confirmed his upcoming global tariff plan.
Credit : Shutterstock, Joshua Sukoff
Donald Trump has confirmed he will apply reciprocal tariffs to all countries, not just the worst trade offenders, in a bold move he plans to announce this Wednesday – a day he’s dubbed ‘Liberation Day.’
Speaking to reporters aboard Air Force One, the US president said the plan would ‘start with all countries’, marking a shift from earlier suggestions that only 10 to 15 nations with the largest trade deficits would be affected.
Trump, who’s already slapped tariffs on steel, aluminium, autos, and all Chinese imports, argues that reciprocal duties are needed to protect American industries and level the playing field against what he calls unfair foreign competition.
Global trade war fears rattle markets ahead of Trump’s tariff reveal
Trump’s upcoming measures are fuelling concerns of a wider trade war, with analysts warning of potential economic slowdowns and market volatility. While White House economic adviser Kevin Hassett initially hinted the strategy would focus on the most unbalanced trade relationships, Trump appears to be expanding the scope far beyond that.
The US has already seen strain in global trade ties, especially with China, and many fear that new tariffs could trigger retaliation from key economic partners in Europe, Asia, and beyond.
Trump plans country-specific tariff measures in trade shake-up
The groundwork for these sweeping tariffs was laid in February when Trump signed a memorandum ordering US trade officials to draft a list of country-specific retaliatory measures. Though he initially signalled he’d match foreign duties dollar for dollar, last week he floated the idea of imposing lower rates in some cases, suggesting a more flexible approach could still be on the table.
Whether this strategy will bolster domestic manufacturing or isolate the US further in global trade remains to be seen. One thing is certain: the world will be watching ‘Liberation Day’ closely.
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