Washington, 1 April (H.S.): President Donald Trump is set to announce his reciprocal tariff plan on Wednesday, according to White House Press Secretary Karoline Leavitt. The event will take place in the Rose Garden, and it will feature country-based tariffs. Leavitt emphasized that while the president is also focused on implementing sectoral duties, this announcement will primarily center on the country-specific tariffs. Trump’s Cabinet members are expected to attend the event.
In her remarks to reporters, Leavitt stated that the tariff plan aims to counteract longstanding unfair trade practices that have negatively impacted the United States. She remarked, “It's time for reciprocity and it's time for a president to take historic change to do what's right for the American people.” Treasury Secretary Scott Bessent confirmed that the announcement would occur at 3 p.m. Washington time.
When pressed for specifics, Leavitt did not disclose details about the rates of the reciprocal tariffs or the countries that would be affected. She indicated that there are “no exemptions at this time” concerning lower duties on products used by American farmers. As speculation grows regarding the announcement, Trump clarified that his reciprocal tariff strategy would apply to “all countries,” thereby allaying concerns about a potential limited scope for the tariffs.
Despite inquiries about whether the tariffs would be universal or applied on a nation-by-nation basis, Trump chose to keep details under wraps, indicating that the specifics would be revealed during the upcoming announcement on April 2nd. Overall, the administration is poised to take significant steps in its trade policy, aiming for fairness and equity as articulated by Trump and his team.
“They're reciprocal. Whatever they charge us, we charge them, but we’re being nicer than they were,” he stated. “They took advantage of us, and we will be kinder compared to their previous actions. The rates will be lower than what they've previously charged us, potentially substantially lower in some instances.” Earlier that day, Trump’s spokesperson highlighted tariff rates from the European Union, Japan, India, and Canada when addressing reporters, indicating these countries as likely targets for the president's new tariffs.
“This makes it virtually impossible for American products to enter these markets, leading to many Americans losing their jobs and businesses over the years,” Leavitt remarked. Trump has designated April 2 as the day to initiate extensive duties that form the core of his strategy to realign global trade, enhance US manufacturing, and channel tariff revenues into funding domestic initiatives, including a significant tax cut.
Before the tariff announcement on Wednesday, the president had already imposed tariffs on Canada, Mexico, and China—America's three largest trading partners—alongside tariffs on automobiles, steel, and aluminum. Additional import taxes on copper may follow in the coming weeks. Furthermore, Trump has hinted at imposing tariffs on imports of pharmaceuticals, semiconductors, and lumber.
The uncertainty surrounding these plans, which have frequently changed and included last-minute modifications, has sparked concerns over possible disruptions to supply chains and inflated costs for US consumers. This unease has contributed to a weeks-long decline in the stock market that extended into Monday. Wall Street will adjust just fine in this administration, similar to how they did in the first term, Leavitt concluded.
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Hindusthan Samachar / Jun Sarkar
