The White House confirmed on Tuesday that President Donald Trump will impose a new wave of tariffs on Wednesday, escalating fears of a deepening global trade war. The announcement, set for 4 p.m. ET in the Rose Garden, marks the culmination of weeks of warnings and speculation.
White House spokeswoman Karoline Leavitt said the plan includes reciprocal tariffs on countries that impose duties on U.S. goods—effective immediately—and a 25% tariff on auto imports, taking effect on April 3. Treasury Secretary Scott Bessent told lawmakers the reciprocal tariffs will act as a cap, subject to change if foreign governments meet U.S. demands.
Trump has labelled April 2 as “Liberation Day,” casting the move as a reset of America’s global trade position. He argues that lopsided deals have fuelled a $1.2 trillion trade deficit and undercut U.S. workers and manufacturers.
The details of the tariffs remain closely held. Reports suggest the administration is considering duties of about 20% on imports from most nations. Another option involves a more targeted tariff package. Aides have floated the idea of redistributing tariff revenue—projected at over $6 trillion—as rebates to Americans.
While the White House dismissed advance reporting as speculation, the announcement has already triggered global concern.
Canada’s Prime Minister Mark Carney vowed retaliation, saying Canadian producers wouldn’t be left behind. He discussed coordinated resistance with Mexican President Claudia Sheinbaum, highlighting the need to defend North American competitiveness without sacrificing sovereignty.
In the U.S., businesses and households are bracing. Economists at the Federal Reserve Bank of Atlanta said tariffs are expected to increase prices and reduce hiring. The Yale University Budget Lab estimates a 20% tariff would cost the average household at least $3,400.
Wall Street has already reacted. Nearly $5 trillion in market value has been wiped out since mid-February, as investors anticipate trade disruptions and higher inflation. The Institute for Supply Management reported falling U.S. manufacturing activity in March, while input costs hit a three-year high. Factory managers cited tariffs as the main threat.
Globally, factories in Britain, Japan, and the U.S. saw activity slump last month as firms rushed to ship goods ahead of potential duties.
Trump remains unmoved. His administration says the tariffs are the price of restoring American dominance and protecting industries from decades of “unfair” global competition. Whether the world accepts the cost is another matter.
The U.S. Federal Reserve kept its benchmark federal funds rate unchanged on Wednesday, maintaining the target range at 4.25% to 4.50%, in a widely expected move as the central bank navigates a complex economic environment marked by slowing inflation, global trade tensions, and political pressure.
Pakistani Prime Minister Shehbaz Sharif hailed what he called a “great victory” for the nation’s armed forces on Wednesday, following what officials described as a major air incursion attempt by the Indian Air Force.
Iranian Deputy Foreign Minister Saeed Khatibzadeh has said that Iran is intending to develop its ties with neighboring Azerbaijan beyond bilateral relations by tapping the capacity of regional collaboration.
U.S. President Donald Trump on Wednesday called for an immediate end to the escalating hostilities between India and Pakistan, saying he “hopes they can stop now” after a series of deadly cross‑border strikes.
The U.S. Federal Reserve kept its benchmark federal funds rate unchanged on Wednesday, maintaining the target range at 4.25% to 4.50%, in a widely expected move as the central bank navigates a complex economic environment marked by slowing inflation, global trade tensions, and political pressure.
U.S. President Donald Trump said Wednesday that an announcement related to the Gaza Strip is likely within the next 24 hours, signaling potential developments in the U.S. approach to the worsening humanitarian crisis in the besieged enclave.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
Pakistani Prime Minister Shehbaz Sharif hailed what he called a “great victory” for the nation’s armed forces on Wednesday, following what officials described as a major air incursion attempt by the Indian Air Force.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
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New Tesla registrations in Denmark collapsed 67 % in April to 180 vehicles, industry data showed Thursday, underscoring a sharp demand drop for the EV maker in one of its once-strong European markets.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
The European Union is expected to announce new tariff counter-measures on Thursday targeting U.S. aerospace exports, including Boeing jets, in response to escalating trade tensions with Washington.
Chinese President Xi Jinping arrived in Moscow on Wednesday for a closely watched visit that underscores Beijing’s growing strategic alignment with Russia.
As part of his official visit to Iraq, Azerbaijani FM Jeyhun Bayramov met on Wednesday with Mahmoud al-Mashhadani, Speaker of the Council of Representatives of Iraq, for wide-ranging discussions on bilateral relations, regional security, and post-conflict development efforts in Azerbaijan.
The United States has quietly approved a Qatari initiative to finance salaries for Syrian public-sector workers, marking a significant shift in Western engagement with post-Assad Syria, according to three sources familiar with the matter.
U.S. President Donald Trump on Wednesday called for an immediate end to the escalating hostilities between India and Pakistan, saying he “hopes they can stop now” after a series of deadly cross‑border strikes.
U.S. President Donald Trump on Wednesday called for an immediate end to the escalating hostilities between India and Pakistan, saying he “hopes they can stop now” after a series of deadly cross‑border strikes.
The U.S. Federal Reserve kept its benchmark federal funds rate unchanged on Wednesday, maintaining the target range at 4.25% to 4.50%, in a widely expected move as the central bank navigates a complex economic environment marked by slowing inflation, global trade tensions, and political pressure.
U.S. President Donald Trump said Wednesday that an announcement related to the Gaza Strip is likely within the next 24 hours, signaling potential developments in the U.S. approach to the worsening humanitarian crisis in the besieged enclave.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
Pakistani Prime Minister Shehbaz Sharif hailed what he called a “great victory” for the nation’s armed forces on Wednesday, following what officials described as a major air incursion attempt by the Indian Air Force.
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