Donald Trump to Announce ‘Reciprocal Tariffs’ on April 2, Effective Immediately; White House Confirms. Trump claims many countries will lower tariffs on US imports.
Reciprocal Tariffs: The White House confirmed Tuesday that reciprocal tariffs, to be announced by President Donald Trump on April 2nd, will take effect immediately. Auto tariffs will also remain in effect according to the previously scheduled April 3rd implementation. This announcement has sent ripples through global markets.
Impact of Tariffs on Global Markets
The announcement of the tariffs caused significant turmoil in global markets. On Tuesday, the Indian stock market experienced a sharp decline:
- Sensex fell by 1,400 points.
- Nifty 50 recorded a drop of 353 points.
This volatility stems from investor concerns about the potential impact of the new tariffs on the global economy.
White House Press Secretary's Statement
White House Press Secretary Carolyn Levit, speaking to reporters, stated that President Trump is working with his trade advisors to “perfect” the tariff strategy. She said:
"The official announcement of the tariffs will be Wednesday. The President is currently with his trade and tariff team, making sure this is the right deal for the American people and workers. You will have full details within 24 hours."
Negotiations with Foreign Governments and Corporate Leaders
The Trump administration is prepared to negotiate with foreign governments and corporate leaders seeking exemptions from the tariffs. The press secretary noted that several countries have contacted the US administration. She added:
"The President is always willing to negotiate, but he wants to ensure that American workers get a fair deal and that past mistakes are corrected."
Tariff Announcement on ‘Liberation Day’
Trump will announce the tariffs on “Liberation Day.” The official announcement will be made at 4 p.m. (local time) Wednesday in the White House Rose Garden.
Reciprocal tariffs are a key component of President Trump's trade policy, which he began implementing after assuming office on January 20th. This includes several major changes:
Higher tariffs on imports from Canada and Mexico.
Sector-specific tariffs on metals.
Tariffs on imported automobiles, which Trump has already announced he will implement permanently starting Thursday.
What are Reciprocal Tariffs?
Reciprocal tariffs are a significant economic policy aimed at making American products more competitive in the global marketplace. According to the Trump administration, this policy will ensure that:
America receives equal opportunity and benefit in trade agreements.
Duties are levied on countries that impose high import tariffs on American products.
Bilateral trade is balanced.
