President Trump is set to announce a major “Liberation Day” plan imposing reciprocal tariffs on nations that tax U.S. goods or establish trade barriers. The announcement, scheduled for April 2 after markets close, is expected to disrupt global trade policy, potentially triggering retaliatory measures from affected countries.
The plan targets countries with which the U.S. has trade imbalances, including Canada, China, the European Union, India, Ireland, Japan, Mexico, South Korea, Switzerland, Taiwan, and Vietnam.
White House Press Secretary Karoline Leavitt revealed that the president is finalizing the plan with his trade team but offered few specifics, though reports suggest a potential broad 20% tariff on imported goods.
Mr. Trump views tariffs as an effective tool to encourage companies to relocate or maintain operations in the U.S., create American jobs, and generate revenue for domestic programs. He summarizes his approach as “You hurt us and we hurt you.”
Critics, including Democrats and economists, warn the plan could backfire by increasing costs throughout supply chains, potentially raising consumer prices — contradicting Mr. Trump’s campaign promise to reduce inflation. Federal Reserve officials have noted that tariffs might temporarily delay progress in fighting inflation.
The tariffs on Canada have become particularly contentious on Capitol Hill. Sen. Tim Kaine is attempting to end the emergency Mr. Trump declared regarding fentanyl trafficking across the northern border, which serves as justification for the Canadian tariffs. Sen. Kaine argues this emergency is being invented to implement tariffs that will ultimately tax everyday Americans. Some Republicans, including Sens. Susan Collins and Rand Paul, also oppose these tariffs.
Mr. Trump has defended his approach, insisting it will work by forcing companies to manufacture in the U.S. or compelling countries to reduce their restrictions on American products. The White House points to recent investments from chipmakers, automakers, and other companies as evidence of success, though Wall Street has shown nervousness with fluctuating stock prices ahead of the announcement.
Read more: Liberation Day? Trump to unveil sweeping tariffs to protect U.S. industries
This article is written with the assistance of generative artificial intelligence based solely on Washington Times original reporting and wire services. For more information, please read our AI policy or contact Ann Wog, Managing Editor for Digital, at awog@washingtontimes.com
The Washington Times AI Ethics Newsroom Committee can be reached at aispotlight@washingtontimes.com.
