WASHINGTON D.C. – President Donald Trump is on the brink of announcing a controversial set of new tariffs that could ignite a global trade war, sending shockwaves through the world’s leading economies. Scheduled to make the announcement on Wednesday in the Rose Garden at 2000 GMT, Trump’s “Liberation Day” tariffs are expected to be sweeping, though key details remain shrouded in uncertainty.
The White House confirmed that Trump has made his final decision on the tariffs but is still working to fine-tune the details of the plan. Press Secretary Karoline Leavitt assured reporters that Trump is committed to delivering a deal that will benefit American workers, with tariffs set to take effect immediately after the announcement. The potential for retaliatory tariffs from other countries looms large, with fears that the new measures could trigger a recession both in the U.S. and abroad.
While the U.S. media speculated that Trump could impose a blanket 20 percent tariff on a range of goods, the White House has not confirmed these reports. However, Trump’s longstanding support for tariffs suggests that the move will likely target various trading partners, including the European Union and Canada.
The European Union has already warned that it will retaliate if necessary, with its representatives reiterating that “all instruments are on the table” should Trump’s tariffs go into effect. Similarly, Canadian Prime Minister Mark Carney, who spoke with Trump last week, emphasized that Canada would take “deliberate” action to protect its interests in response to the new tariffs.
Trump’s approach, characterized by the use of tariffs as a tool to reshape global trade dynamics, has sparked major concerns. Critics warn that the strategy could lead to a domino effect of retaliatory tariffs, causing disruptions to global markets and further fueling the ongoing trade tensions.
The president, a self-proclaimed “tariff enthusiast,” has indicated that his approach will favor American industries by ensuring that the tariffs are lower than those imposed by foreign governments on U.S. goods. However, economists are divided on whether these measures will ultimately benefit U.S. consumers or trigger a broader economic downturn.
In the wake of Trump’s repeated tariff announcements, including recent moves targeting steel, aluminum, and automobile imports, global markets have experienced heightened volatility. On Tuesday, however, stocks rose as investors speculated that Trump’s latest tariff move could be the final one, providing some stability to the markets.
With political ramifications already emerging, the situation is particularly tense in Canada, where the upcoming general election is expected to be dominated by the fallout from Trump’s trade policies. Trump’s calls for the U.S. to annex Canada only add to the diplomatic pressure facing Canadian leaders.
As President Trump prepares to unveil his plan, global leaders are bracing for the economic and political consequences of his tariffs, with the specter of a global trade war becoming more likely by the day.
