U.S. President Donald Trump announced on Sunday that his upcoming reciprocal tariffs will apply to all nations, rather than just targeting the 10 to 15 countries with the largest trade imbalances. Trump plans to unveil the tariff package on Wednesday, calling it “Liberation Day.”

“You'd start with all countries,” Trump told reporters aboard Air Force One. “Essentially all of the countries that we're talking about.”

The announcement contradicts recent statements from White House economics adviser Kevin Hassett, who indicated the administration's focus would be on countries with the worst trade imbalances. However, Hassett did not specify which nations would be targeted.

Trump has already imposed tariffs on aluminum, steel, and automobiles, along with increased duties on all goods from China. His approach views tariffs as both protection for the domestic economy and a bargaining tool for securing better trade terms for the United States.

Concerns are growing about the potential for a global trade war, with markets reacting nervously to the prospect of widespread tariffs. Economists fear that heightened trade tensions could lead to a recession in the U.S.

In February, Trump signed a memorandum directing U.S. trade officials to compile a list of tailored counter-measures against countries imposing fees on U.S. exports. Despite hinting last week at the possibility of scaling back his plans, Trump now appears committed to broad, sweeping tariffs aimed at achieving what he calls “fair trade.”

Further details about the tariff plan are expected to be revealed during Trump’s announcement on Wednesday.

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