President Donald Trump will reveal his proposal for reciprocal tariffs on Wednesday during an event at Rose Garden of the White House, as his main spokesman said.
White House Secretary Karoline Leavitt said on Monday that the announcement will include “country-based” fares. She also stated that the president is “committed to implementing” sectoral tariffs, but that these will not be the focus of the event on April 2, leaving the decision on the schedule of these tariffs by Trump. Members of the president’s office will be present in the announcement, Leavitt added.
“The president will announce a tariff plan that aims to reverse the unfair business practices that have harmed our country for decades,” Leavitt told reporters. “It’s time for reciprocity and a president to take historical measures to do what is right for the American people.”
When asked about the rates of reciprocal tariffs and which countries would be affected, Leavitt refused to provide details, stating that, at this time, “there is no exemptions” for products used by US farmers.
Trump, in Sunday statements, said he plans to launch reciprocal tariffs with “all countries,” refuting speculation that he could limit the initial scope of his announcement on April 2.
However, when asked on Monday if he was planning a universal fare or rates about individual countries, Trump hesitated and replied: “You will see in two days, which may be tomorrow night or probably on Wednesday.”
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“These are reciprocal tariffs. What they charge us, we charge them, but we are being more generous than they were,” he said. “They took advantage of us, and we will be much tighter compared to what they did. The numbers will be lower than what they have charged us and, in some cases, can be substantially smaller.”
Earlier Monday, Trump’s spokeswoman cited examples of tariff rates from the European Union, Japan, India and Canada during a conversation with reporters, indicating that these countries are probably among the targets of the president’s new tariffs.
“This makes the importation of American products into these markets virtually impossible, resulting in the bankruptcy of many businesses and unemployment of US citizens over the last few decades,” Leavitt commented.
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Trump announced April 2 as the launch of comprehensive tariffs that are the core of his plan to rebalance global trade, stimulate manufacturing in the US and inject tariff revenues into government coffers to fund domestic priorities, including significant tax reduction.
The president had already tax rates on Canada, Mexico and China – the three largest US trading partners – as well as car tariffs, steel and aluminum. Import taxes on copper may be announced in the coming weeks. Trump also threatened tariffs on imports of pharmaceutical, semiconductors and wood.
Uncertainty around their plans, which often change and are subject to last -minute changes, has generated concerns about the possibility of destabilizing supply chains and increasing prices for US consumers. This fear resulted in a mass sale in the stock exchanges that extended until Monday.
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“Wall Street will do very well in this administration, just as it happened in the first term,” said Leavitt.
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