Dubbing Wednesday, April 2 as “liberation day,” US President Donald Trump is expected to announce much-anticipated details on his so-called “reciprocal tariffs” today at a 4 pm Rose Garden ceremony, White House officials said.
The reciprocal tariffs are expected to match on a tit-for-tat-basis, existing import tariffs and duties currently levied against the US by trade partners friend and foe around the globe.
On Feb. 13, US President Donald Trump signed a memorandum calling for "fair and reciprocal" trade tariffs on all major US. trading partners. These so-called “reciprocal tariffs” were deemed necessary by Trump when he directed his incoming commerce secretary, Howard Lutnick and Global Trade Representative Jamieson Greer to draft a country-by-country report within 180 days whether "remedies" were necessary to ensure reciprocal trade relations. Russell Vought, Trump's nominee for the Office of Management and Budget, was directed also to submit a report within that time period on the fiscal impact of instituting the new measures.
Last week media reports said Trump’s new focus on reciprocal tariffs would be more “measured,” with the concentration narrowed to the so-called “dirty 15” nations that have the highest current trade imbalances with the US. Media reports this week indicate Trump’s implementation of tariffs might be “across the board.”
