President Donald Trump Announces Country-Based Tariff Measures on April 2

President Donald Trump will announce country-specific tariff measures on Wednesday, April 2, at the White House Rose Garden, according to an official announcement from press secretary Karoline Leavitt. The announcement is scheduled to take place at 3 PM Washington time, marking an important step in the Trump administration’s plan to impose retaliatory tariffs on many trading partners. Moves to Protect American Businesses and Workers Leavitt emphasized that Trump is committed to eliminating trade practices that he considers “unfair” to American businesses and workers. She stated, “It is time for a response, and it is time for a president to enact historic changes to protect the interests of the American people.” Trump and his cabinet members will participate in this event. Although Leavitt did not disclose specific details about the tax rates or which countries will be affected, she confirmed that there are currently no exceptions for products serving American agriculture. Customs Duties Applicable to ‘All Countries’ Trump suggested that retaliatory tariffs could be widely applied, stating: “We will impose tariffs equal to the level they impose on us, but we will be nicer. They have taken advantage of us, and now we will act in a gentler manner.” He also stated that the new tax will be “lower than what they have imposed on us, and in some cases may be significantly lower.” Trump affirmed that this tax policy is a crucial factor in restoring fairness in global trade. Criticism of Tax Rates from the EU, Japan, India, and Canada At a press conference on Monday, Leavitt pointed out that the tariffs from the European Union (EU), Japan, India, and Canada have harmed businesses and jobs in the U.S. According to her, “these tariff barriers have driven many American businesses into bankruptcy and caused many people to lose their jobs.” Trump sees April 2 as the beginning of a comprehensive tariff policy aimed at helping balance trade, boost domestic production and raise revenue for the state budget. He also stressed that the proceeds could be used to fund important programs, including a tax cut plan he called “the largest in history.” Revenue from Previous Taxation Rounds This move follows earlier tariffs imposed by the Trump administration on Canada, Mexico, and China – the three largest trading partners of the U.S. – as well as tariffs on cars, steel, and aluminum. Additionally, Trump had proposed additional tariffs on imported pharmaceuticals, semiconductors, and lumber. Impact on the Financial Market The uncertainty surrounding the Trump administration’s trade policy has raised concerns in the financial markets, leading to a stock sell-off that extended into Monday. Some investors worry that the large-scale tax policy could disrupt supply chains and drive consumer prices up. However, Leavitt reassured that the US stock market will stabilize during Trump’s term, similar to the early stages of his. She also revealed that the president may expand the list of taxable items in the coming months. Officials in the Trump administration have suggested that the new tax rate could reach its highest level since the 19th century. However, there is still a possibility that Trump will adjust the final figure at the last minute, as he has done with some previous policies.