WASHINGTON: The White House confirmed on Tuesday (Apr 1) that President Donald Trump will impose new tariffs on Wednesday, though it provided no details about the size and scope of trade barriers that have businesses, consumers and investors fretting about an intensifying global trade war.
Trump has for weeks trumpeted Apr 2 as a “Liberation Day” that will see dramatic new duties that could upend the global trade system, with a White House Rose Garden announcement scheduled for 4pm Eastern Time (4am, Singapore time).
White House spokeswoman Karoline Leavitt said reciprocal tariffs on countries that impose duties on US goods would take effect immediately after Trump announces them, while a 25 percent tariff on auto imports will take effect on Apr 3.
The Republican president has already imposed tariffs on aluminum and steel imports and has increased duties on all goods from China. But he has also repeatedly threatened to impose other tariffs, only to cancel or postpone them.
Leavitt’s announcement indicated that he plans to plow ahead this time. “The president has a brilliant team of advisors who have been studying these issues for decades, and we are focused on restoring the golden age of America,” she said at a press briefing.
According to the Washington Post, aides are considering a plan that would raise duties on products by about 20 percent from nearly every country, rather than targeting certain countries or products. The administration anticipates the new duties could raise more than US$6 trillion in revenue that could be sent on to Americans as a rebate, the paper reported.
A White House aide said any report ahead of tomorrow’s event is “mere speculation.” Trump’s actions have raised tensions with the United States’ largest trading partners.
Canada has vowed to respond with tariffs of its own. “We will not disadvantage Canadian producers and Canadian workers relative to American workers,” Prime Minister Mark Carney said in Winnipeg.
