U.S. President Donald Trump is set to announce sweeping new tariffs during a “Liberation Day” ceremony at the White House Rose Garden today at 4 p.m. ET (2000 GMT). The tariffs, expected to trigger retaliatory measures from trading partners, could escalate trade tensions and disrupt the global economy.
Trump has promised reciprocal tariffs to match the higher rates imposed by other nations on U.S. goods, but he has yet to specify which countries will be targeted or the severity of the tariffs. The uncertainty has rattled financial markets and left businesses on edge, uncertain how to navigate a rapidly shifting trade landscape.
While the administration has not yet published an official notice, the new tariffs are set to take effect immediately after Trump’s announcement. A separate set of tariffs on auto imports, announced last week, will go into effect on April 3.
Trump has already imposed a 20% tariff on all imports from China and a 25% tariff on steel and aluminum, extending these measures to nearly $150 billion worth of downstream products. A planned 25% tariff on most Canadian and Mexican goods—aimed at pressuring those countries to address drug trafficking and immigration issues—was postponed but is set to expire today.
Administration officials insist the tariffs will restore critical manufacturing capabilities to the U.S., but economists warn the measures could stifle global economic growth, increase recession risks, and raise living costs for American families.
Business leaders across industries, from automotive to luxury goods, are bracing for the impact as tariff concerns disrupt manufacturing activity worldwide. U.S. stocks have shed nearly $5 trillion in value since February, while global markets retreat and safe-haven assets like gold hover near record highs.
Ontario Premier Doug Ford criticized the move, calling it “the most ridiculous thing I have ever seen” on CNBC.
As uncertainty mounts, the tariffs’ ripple effects are already being felt. Manufacturing has slowed, and consumers are rushing to purchase goods before prices rise. Investors, consumers, and businesses alike await the full scope of Trump’s plans, hoping for clarity in a climate of mounting uncertainty.
