Trump Tariffs: World Braces For Impact As Reciprocal Tariffs Take Effect On April 2 What To Expect?

(MENAFN- Live Mint) US President Donald Trump is set to unveil a sweeping tariff plan on April 2, a date he has branded as "Liberation Day." The plan, centered around so-called reciprocal tariffs, aims to rebalance global trade, boost American manufacturing, and generate substantial revenue for domestic policy priorities. However, the broad scope of these tariffs, potentially covering all nations, has stoked fears of a global trade war.

A plan without details

Despite the imminent rollout, the White House has not specified the exact tariff rates, how they will be calculated, or which countries might qualify for exemptions. Trump has also hinted that non-tariff barriers will be factored into the calculations, but no methodology has been provided.

“You'd start with all countries, so let's see what happens,” Trump told reporters aboard Air Force One.“I haven't heard a rumor about 15 countries, 10 or 15.”

Key sectors and trading partners targeted

The new tariffs will build on existing levies on aluminum, steel, and autos. Trump has also pledged a 25% tariff on imported vehicles, and has suggested increasing tariffs on pharmaceuticals, lumber, semiconductors, and copper. Mexico and Canada, the two largest US trading partners, are expected to be hit with 25% tariffs.

Additionally, Trump has warned of curbs on“all oil coming out of Russia” if Moscow refuses to comply with US demands regarding Ukraine.

April 2, the 'Liberation Day' Trump promised

US President Donald Trump's reciprocal tariff plan , set to begin on April 2 , has sent shockwaves through the global economy. Branded as "Liberation Day " by Trump, the policy aims to rebalance trade by imposing tariffs on imports from all nations, unless they negotiate exemptions post-launch. The move, which includes hefty levies on autos, metals, and various other sectors, has sparked fears of a global trade war.

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