Trump prepares to unveil sweeping new US tariffs on ‘Liberation Day’

WASHINGTON — All eyes are on US President Donald Trump on Wednesday as he prepares to unveil a sweeping plan to impose broader tariffs, raising fears of renewed and potentially damaging global trade wars.

“The world has been ripping off the United States for the last 40 years and more,” Trump told NBC over the weekend. “All we’re doing is being fair.”

Trump has declared April 2 as “LIBERATION DAY IN AMERICA!” but has not yet released full details of his proposed tariff package.

White House Press Secretary Karoline Leavitt said Tuesday that the president spent the day working closely with his economic team to finalize the policy.

“He is with his trade and tariff team right now, perfecting it to make sure this is a perfect deal for the American people and the American worker,” Leavitt told reporters during a briefing.

While on the campaign trail last year, Trump floated the idea of imposing a blanket 20% tariff on all imports. According to reports, several of his advisers still support that approach.

Trump has already announced a 25% tariff on all imported vehicles and auto parts, set to take effect Thursday. He has also proposed similar tariffs on all imports from Mexico and Canada, although those measures have been delayed due to ongoing negotiations with the leaders of both countries.

Wall Street has responded with concern to the anticipated announcement. Two of the three major US stock indexes closed Monday — marking the end of the first quarter of 2025 — with their worst performance in over two years.

The White House has not released any official documents ahead of Trump’s expected speech at 4 p.m. ET (2000 GMT), but officials say the announcement will mark the most significant overhaul of US trade policy in decades and that the new measures will take effect immediately. — Agencies