The White House has confirmed that US President Donald Trump will impose new tariffs this week, but has not provided details about the size and scope of the measures, raising concerns about an intensifying global trade war.
Trump has kept rivals and allies guessing about the targets and amounts of the tariffs, but has promised to be “very kind” when announcing them on Wednesday, which he has dubbed “Liberation Day”. Global stocks are volatile ahead of the “reciprocal tariffs” that Trump says are necessary to address unfair trade imbalances.
White House Press Secretary Karoline Leavitt stated that Trump’s tariffs will take effect immediately after he unveils them on Wednesday. Despite being an advocate of tariffs for decades, Trump has not revealed specific details of his plan, only mentioning that the tariffs will be lower than those imposed by other countries on the US.
Trump is scheduled to hold a press conference named “Make America Wealthy Again” at the White House on Wednesday. He has urged Republican Senators to vote against a measure to revoke his tariff policy against Canada, which he has linked to a fentanyl “emergency”.
The possibility of a trade war looms large, with Trump aiming to restore US manufacturing that has suffered due to free trade agreements like NAFTA. The strategy risks retaliation from major trading partners like China, Canada, and the EU.
The EU has stated that it still hopes to negotiate a solution but is prepared to retaliate if necessary. UK Prime Minister Keir Starmer has had discussions with Trump regarding a trade deal. Vietnam has announced plans to reduce duties on goods to counter Trump’s tariffs.
The markets remain volatile, with Wall Street dipping while European and Asian markets rise. Trump’s advisers have suggested a 20 percent global tariff, while the President believes the tariffs will rejuvenate US manufacturing and prevent exploitation.
Overall, the threat of tariffs has led to uncertainty and economic challenges, with various countries and markets preparing for potential impacts. China, Korea Selatan, dan Jepang membentuk aliansi langka akhir pekan lalu, setuju untuk memperkuat perdagangan bebas di antara mereka.
Trump sudah memberlakukan sejumlah tarif pada rival ekonomi utama sejak kembali ke Gedung Putih.
Minggu lalu, dia mengumumkan tarif 25 persen pada semua impor mobil, sementara tarif 25 persen pada baja dan aluminium dari seluruh dunia mulai berlaku pada pertengahan Maret.
Cina terkena dampak pada Maret dengan tambahan tarif 20 persen pada semua barang, memicu balas dendam dari Beijing. Uni Eropa telah mengungkapkan langkah-langkah sendiri yang akan dimulai pada pertengahan April.
Trump, bagaimanapun, menunda tarif pada semua barang dari Kanada dan Meksiko.