What time will Donald Trump announce the new tariffs for Liberation Day?
Donald Trump will announce new tariffs for several countries during an event he has called "Liberation Day"
This Wednesday, the President of the United States, Donald Trump, will announce new tariffs for several countries during an event he has called “Liberation Day.” We tell you what time the announcement will be made, what these new tariffs will be, and who will be most affected.
What time will Donald Trump announce the new tariffs?
According to U.S. authorities, Trump’s announcement will take place this Wednesday, April 2, at 4 p.m. (Eastern Time), during an event called ‘Make America Wealthy Again,’ which will be held at the White House Rose Garden.
What are the new tariffs that Donald Trump will impose?
It is not yet clear exactly which tariffs President Trump will impose, although he recently hinted at the possibility of applying reciprocal tariffs for all countries, as well as new levies on imports of products such as:
- Wood
- Copper
- Pharmaceuticals
- Microchips
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On March 4, a 25% tariff was already applied to imports from Mexico and Canada; however, Trump granted a one-month extension to apply tariffs on products covered by the US-Mexico-Canada Agreement (USMCA). It is expected that the new tariffs announced today will include this merchandise, which could lead to the extinction of the USMCA.
Another of Donald Trump’s proposals is to apply a universal 20% tax on all U.S. imports. In addition to the new tariffs announced today, another 25% tariff will go into effect starting tomorrow, April 3, targeting the automotive sector.
How will Donald Trump’s new tariffs affect people?
According to research by the Yale Budget Lab, if the 20% universal tax on all U.S. imports is implemented, prices for products such as food, clothing, and electronics would rise significantly, affecting American families’ budgets.
The research concluded that these tariffs could cost a middle-class household $3,800 per year, while lower-income households could see a 5.5% drop in their disposable income.
Which countries will be most affected by Trump’s tariff measures?
These new tariffs will especially impact the U.S.’s main trading partners, including:
- Mexico
- Canada
- China
- Japan
- European Union
- United Kingdom
- South Korea
- Vietnam
- Taiwan
- India
What is Liberation Day?
The term was used by President Donald Trump to refer to the day he will announce his plan to impose tariff measures on various countries in order to fulfill his administration’s economic agenda and reverse unfair trade practices that have harmed the United States.
What tariffs has Donald Trump imposed?
Since returning to the White House for his second term as U.S. president, Donald Trump has signed executive orders to apply various tariffs to his trading partners. These include:
- 25% on all products from Mexico and Canada
- 10% on Canadian energy
- An additional 10% on Chinese products
- 25% on steel and aluminum imports
- 25% on all foreign-made cars and auto parts
What free trade agreements does the U.S. have?
The United States has free trade agreements with several countries. Currently, it trades with over 160 countries under the World Trade Organization (WTO) rules and has free trade agreements with another 20 countries, including:
- United States-Mexico-Canada Agreement (USMCA) with Mexico and Canada
- KORUS FTA with South Korea
- AUSFTA with Australia
- US-Bahrain FTA
- US-Chile FTA
- US-Colombia FTA
- CAFTA-DR (Dominican Republic-Central America-U.S. FTA, which includes Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, the Dominican Republic, and the U.S.)
- US-Israel FTA
- US-Jordan FTA
- US-Morocco FTA
- US-Oman FTA
- US-Panama FTA
- US-Peru FTA
- US-Singapore FTA
