Trump "prepares" reciprocal tariffs - The decision is expected to escalate global trade tensions
United States President Donald Trump will impose new, sweeping reciprocal tariffs on global trading partners on Wednesday, driving up costs and likely drawing retaliation from all sides.
Details of Trump's tariff plans are still being formulated ahead of the White House Rose Garden ceremony, scheduled for 10 p.m. Central European Time.
The new tariffs will take effect immediately after Trump announces them, White House spokeswoman Caroline Leavitt said, while a separate global tariff of 25% on auto imports will take effect on April 3.
Trump has said for weeks that his reciprocal tariff plans aim to match the generally lower U.S. tariff rates with those imposed by other countries and to counter non-tariff barriers that hurt U.S. exports. But the format of the duties has been unclear amid reports that Trump is considering a universal 20% tariff.
The number of countries facing these obligations is likely to exceed the roughly 15 countries that Treasury Secretary Scott Bessent had focused on because of their high trade surpluses with the US.
Bessent told Republican House lawmakers that the reciprocal tariffs represent a "ceiling" of the highest U.S. tariff level that countries will face and could be lowered if they meet the administration's demands.
In just over 10 weeks since taking office, the Republican president has already imposed new 20% tariffs on all imports from China on fentanyl and 25% taxes on steel and aluminum. A one-month suspension of most Canadian and Mexican goods from his 25% fentanyl-related tariffs also expires on Wednesday.
Administration officials have said that all of Trump's measures are cumulative, so a Mexican car, previously taxed at 2.5% to enter the U.S., would be subject to fentanyl and auto duties, totaling 52.5%, plus any potential reciprocal tariffs on Mexican goods.
Growing uncertainty over liabilities is eroding the confidence of investors, consumers, and businesses, slowing activity and driving up prices.
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