President Donald Trump is set to announce new tariffs today termed as “Liberation Day,” during a Rose Garden event at 4 p.m. Eastern Time. While the White House has confirmed the move, it has not revealed exactly how steep the tariffs will be or which products will be hit hardest.
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According to White House spokeswoman Karoline Leavitt, the tariffs will take effect immediately for countries that impose taxes on U.S. goods. Additionally, a 25% duty on auto imports will be implemented starting April 3. In the meantime, Treasury Secretary Scott Bessent informed Republican lawmakers that these tariffs will serve as a “cap.” This means that nations that comply with U.S. demands could see the rates reduced over time.
Reports Suggest a 20% Tariff on Nearly Everything
Though no final decision has been made, reports suggest that Trump’s team is weighing a broad 20% tariff on goods from nearly every country, rather than targeting just a few nations.
The plan could generate over $6 trillion in revenue, with some of that money possibly being sent back to Americans as a rebate.
What This Tariff Means for Everyone
The possibility of such broad tariffs has trading partners worried. Canada, the European Union, and others are already talking about hitting back with their own tariffs. Canada has vowed to retaliate, with Prime Minister Mark Carney emphasizing that the country will protect its producers and workers in response to U.S. tariffs. Mexico is also weighing its next move.
Meanwhile, major economies in Europe and Asia are scrambling to understand the potential impact of Trump’s latest trade move.
At the same time, investors have been jittery, with stock markets struggling since talk of new tariffs began. Economists warn that higher import taxes could drive up prices for American households, possibly costing families an extra $3,400 a year. Businesses, already worried about rising costs, are bracing for supply chain disruptions and economic uncertainty.
The Waiting Game
For now, everything remains speculative. Trump is set to speak today, and that’s when the world will finally learn the true scope and impact of this tariff plan. Until then, markets and governments are watching closely, bracing for what’s next.
Tipranks’ Comparison Tool
Using Tipranks’ comparison tool, we’ve gathered some companies potentially impacted by Liberation Day. The list comprised car manufacturers, semiconductor companies, healthcare providers, etc.
