President Donald Trump is poised to unveil sweeping new "Liberation Day" tariffs on Wednesday, but kept the world guessing until the last minute about the scope of an onslaught that could spark a global trade war.
Trump will roll out the measures flanked by cabinet members in the Rose Garden of the White House at 4:00 p.m. ET, promising that they will stop America being "ripped off" and will deliver a new "golden age" of U.S. industry.
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 late Tuesday.
The Republican billionaire has had a long love affair with tariffs, insisting that they will tackle America's trade imbalances with friends and foes alike.
Critics say that not only will U.S. 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.
- 'Very kind' -
In typically unpredictable fashion, the 78-year-old president is keeping the details close to his chest.
Trump has hinted at 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, U.S. media said 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 advisers on the eve of the announcement, "perfecting it to make sure this is a perfect deal."
The tariffs would come into effect "immediately" after Wednesday's rollout, she added – effectively ruling out any delays for negotiations with other countries. Man, including EU members and leading nations in Asia like China and Japan, have said they're planning joint retaliatory responses if forced by the new Trump policies. Similar promises have come from leaders in Canada.
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.
His plans have however sparked some growing fears of a damaging trade war around the world that could drive up prices and cause widespread disruption.
- 'Couldn't care less' -
As mentioned, major economies including the European Union and Canada have vowed retaliation.
"We are going to be very deliberate in terms of the measures we take, to fight for Canada," Canadian Prime Minister Mark Carney said on Tuesday.
The European Union, which Trump has accused of trying to "screw" the United States, said Tuesday it still hoped to negotiate a solution – but that "all instruments are on the table" to retaliate if necessary.
British Prime Minister Keir Starmer spoke with Trump on "productive negotiations" towards a U.K.-U.S. trade deal. Vietnam said on Tuesday it would slash duties on a range of goods to appease Trump.
The former property tycoon has used tariffs as a foreign policy weapon ever since his first term from 2017-2021.
Trump insists they will bring a "rebirth" of America's hollowed-out manufacturing capacity, and says companies can avoid tariffs by moving to the United States.
Sweeping auto tariffs of 25% that Trump announced last week – saying he "couldn't care less" if prices of foreign cars went up – are due to come into effect on April 3.
A 25% tariff on steel and aluminum from around the world came into effect in mid-March.
China was hit in March by additional 20% tariffs on all goods, triggering retaliatory duties from Beijing. The EU has unveiled its own measures to start mid-April.