Donald Trump is about to unveil a range of new tariffs on April 2 at 4 pm EDT which happens to be US Liberation Day
The world is tense because US President Donald Trump is scheduled to declare reciprocal
tariffs on April 2, also known as “Liberation Day.” Once the tariffs are announced, they will
take effect right away.
Trump and his team have developed a proposal to impose a 20% tax on the majority of items imported into the US. Additionally, Trump’s administration is thinking of utilizing the proceeds from these additional levies to pay dividends or tax refunds to citizens. Taking to X, the White House posted,
— The White House (@WhiteHouse) March 31, 2025
AMERICA FIRST: Business leaders—ranging from local businesses to major corporations, at home and abroad—agree:
President Trump’s tariffs will strengthen American companies, drive investment in the U.S., support working families, and restore American prosperity. pic.twitter.com/IrKXhUb7hJ
The White House criticized India for slapping a 100% tariff on American agricultural exports
prior to the tariff announcement, pointing out that the EU, Japan, and Canada also impose
comparable trade barriers. This has increased India’s degree of expectation for the impending
tariff announcement.
Although it’s not certain that which country will get the maximum or minimum hit? On Sunday, the president indicated that the new tariffs might be implemented on “all countries,” hinting at a potential revival of the universal tariff he supported during his campaign. The US Trade Representative’s office, while getting ready to develop recommendations, indicated that it plans to go after big markets like India, Brazil, Japan, China, South Korea and the EU.
The suggested tariffs coincide with growing worries about inflation and the stability of the
global economy. Although Trump claims that tariffs will shield American businesses, many
economists warn that such actions might lead to higher prices for consumers, disrupt supply
chains, and encourage retaliatory tariffs from impacted countries.
The European Union has cautioned that the world’s largest trading bloc “holds a lot of cards” in handling such tariffs as the globe waits for them to take effect. “Europe did not initiate this conflict. We do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it.” European Commission President Ursula von der Leyen told EU lawmakers. Taking on X, she posted,
Europe did not start the tariff confrontation.
— Ursula von der Leyen (@vonderleyen) April 1, 2025
Tariffs are taxes, paid by the people.
But Europe has everything to protect our people and our prosperity.
We will always promote & defend our interests and values.
And we will always stand up for Europe. https://t.co/l4xeJOAScz
Canada has promised to retaliate with its own tariffs. “Canadian producers and workers will not be at a disadvantage compared to American workers,” Prime Minister Mark Carney stated in Winnipeg. Seeing that on Tuesday New Delhi and Washington both agreed to the Terms of Reference for the Bilateral Trade Agreement. the impact of the revised tariffs on India is still not so certain.
