Washington D.C.: President Donald Trump will announce new country-based tariffs on April 2. The move aims to counter trade imbalances and boost U.S. manufacturing. The official announcement will take place in the White House Rose Garden.
What Are the New Tariffs?
The plan includes a 25% tariff on imported automobiles. Trump has dubbed this initiative “Liberation Day.” It targets countries with significant trade surpluses against the U.S. Initially, 10 to 15 nations were under consideration. Now, all trade partners may be impacted.
Why Is This Happening?
The administration believes foreign nations exploit the U.S. with unfair trade practices. The tariffs are meant to encourage domestic production and reduce the trade deficit. Trump argues that past policies weakened American industries.
Global Reaction and Concerns
Economists warn of rising consumer prices and trade conflicts. Some fear that retaliatory tariffs from other nations could follow. Goldman Sachs has increased the risk of a U.S. recession to 35%. Experts suggest the move may escalate tensions with key allies.
Industry Impact
Automakers and import-dependent industries are concerned. Higher tariffs may raise production costs and disrupt supply chains. Businesses urge negotiations instead of unilateral trade restrictions.
Trump is expected to clarify the full list of affected countries. The global market awaits further details on implementation. Experts suggest stock markets may react sharply to the decision
