“The President is meeting with his team right now to perfect his tariff strategy, which will be revealed tomorrow,” Leavitt stated.
‘Liberation Day’ on April 2: Reducing foreign importsTrump has dubbed 2 April as “Liberation Day,” claiming his proposed tariffs will reduce US dependence on foreign imports.
As reported by The Washington Post, Trump’s advisers have drafted a sweeping 20% tariff on most imported goods, applying to nearly every country. This represents a shift from previous targeted tariff measures. Additionally, a 25% tariff on auto imports—already announced—is scheduled to take effect on 3 April.
Trump’s administration has previously raised tariffs on aluminium and steel imports, alongside higher duties on Chinese goods, intensifying trade tensions with key US partners.
Trump tariff impact on India
The President has frequently criticised high tariffs imposed by India and other nations on American goods, arguing that these trade policies have disadvantaged US manufacturers and workers for decades. He contends that free trade agreements have fuelled the rapid growth of a $3 trillion US import market, contributing to an annual goods trade deficit exceeding $1.2 trillion.
While Trump’s supporters view tariffs as a way to protect domestic industries, economists warn that such measures could increase consumer prices and disrupt the global economy. According to Yale University’s Budget Lab, a 20% tariff on imports could cost the average US household at least $3,400 per year.
With inputs from Reuters
