Trump all set to unleash ‘Liberation Day’ tariffs
US President Donald Trump was poised to unveil sweeping new "Liberation Day" tariffs yesterday, but kept the world guessing until the last minute about the scope of an onslaught that could spark a global trade war.
Trump was set to roll out the measures flanked by cabinet members in the Rose Garden of the White House at 4:00 pm (2000 GMT) -- after Wall Street markets close -- promising that they will stop America being "ripped off" and will deliver a new "golden age" of US industry.
For all latest news, follow The Daily Star's Google News channel. But while Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the United States, the White House admitted he was still ironing out the details with less than 24 hours to go.
The Republican billionaire has had a long love affair with tariffs, insisting in the face of economic experts that they are a cure-all that will tackle America's trade imbalances with friends and foes alike.
Critics say that not only will US consumers bear the brunt as importers pass on the cost, but that they could increase the risk of a damaging recession at home and abroad.
Global markets have been jittery for days ahead of Trump's announcement, while the countries most likely in the crosshairs have called for talks -- even as they ready retaliatory measures.
The move also underscores the growing and profound gulf between Trump's America and many of its closest allies, not only on trade but on security, defense and almost everything else.
But in typically unpredictable fashion, the 78-year-old US president is keeping the details close to his chest.
Trump has trailed the measures for weeks, initially suggesting that the tariffs would simply match whatever levies other countries impose.
On Monday, he merely said that he would be "very kind" -- but gave little away.
As the deadline drew near, US media reported that he had also been considering blanket 20 percent tariffs -- and then that he was looking at a third option where some countries would get preferential treatment.
White House Press Secretary Karoline Leavitt said Trump was meeting his top advisors on the eve of the announcement, "perfecting it to make sure this is a perfect deal."
The tariffs would come into effect "immediately" after yesterday's roll-out, she added -- effectively ruling out any delays for negotiations with other countries.
Trump has wobbled on several other tariff announcements since returning to office in January, blinking at the last minute with allies such as Canada and Mexico.
Comments