The announcement is scheduled for 4 p.m. ET in the White House Rose Garden.
After weeks of White House hype and public anxiety, President Donald Trump is set to announce a barrage of self-described “reciprocal” tariffs on friend and foe alike.
The new tariffs — coming on what Trump has called “Liberation Day” — is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.
The president was foreshadowing his upcoming announcement of so-called reciprocal tariffs on both friends and foes of the United States.
Most economists say it’s a risky move that could plunge the U.S. economy into a downturn and upset decades of alliances.
Trump posted about “liberation day” early Wednesday on his social media platform.
He’s scheduled the announcement for 4 p.m. ET in the White House Rose Garden.
Here’s the latest:Trump’s ‘Liberation Day’ is unlikely to free businesses from uncertainty surrounding trade policy
Trump says his tariff announcements slated for Wednesday will amount to a “Liberation Day” for the U.S. But American businesses and financial markets are unlikely to be freed from the uncertainty generated by his often stop-and-go trade policy.
Some big questions will be resolved when Trump announces what are expected to be reciprocal tariffs, and companies will have a greater sense of how many countries will be affected and how high the duties will be.
But more tariffs are in the pipeline and could target specific industries such as pharmaceuticals, copper and lumber. And the United States may reach deals with other countries that could alter the reciprocal tariffs.
