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.
President Donald Trump said on Tuesday he believes Russian President Vladimir Putin wants to end the war in Ukraine, even as missile strikes continue across the country.
President Vladimir Putin has signed a decree renaming Volgograd International Airport as Stalingrad, invoking Soviet wartime memory as Russia continues its war in Ukraine.
European Commission President Ursula von der Leyen on Tuesday invited global scientists to make Europe their new home, amid rising pressure on U.S. universities under the Trump administration.
North Korea has conducted the first weapons test on its new “Choe Hyon-class” warship, firing cruise missiles, anti-air missiles, and artillery, state media reported on Wednesday.
Pakistan’s Information Minister Attaullah Tarar said on Wednesday that India is planning a military strike within the next 24 to 36 hours, citing credible intelligence.
China has renewed its call for a permanent ceasefire in Gaza and demanded that Israel cease its military operations in Lebanon and Syria, warning of escalating instability across the Middle East.
President Donald Trump said on Tuesday he believes Russian President Vladimir Putin wants to end the war in Ukraine, even as missile strikes continue across the country.
President Vladimir Putin has signed a decree renaming Volgograd International Airport as Stalingrad, invoking Soviet wartime memory as Russia continues its war in Ukraine.
European Commission President Ursula von der Leyen on Tuesday invited global scientists to make Europe their new home, amid rising pressure on U.S. universities under the Trump administration.
North Korea has conducted the first weapons test on its new “Choe Hyon-class” warship, firing cruise missiles, anti-air missiles, and artillery, state media reported on Wednesday.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
In an expansive interview marking his first 100 days back in office, President Donald Trump sketched out an agenda that touches everything from punitive tariffs and China policy to cease-fire hopes in Ukraine and an overhaul of domestic programmes. Below are the highlights.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 23rd, covering the latest developments you need to know.
For three generations, the Liebigs built railcars in Görlitz. Now, the factory that shaped their lives will produce parts for battle tanks.
A deadly explosion at Iran’s Bandar Abbas port has left at least 40 dead, with more than 1,200 people injured, state media reported on Sunday, halting operations at one of the country’s most vital trade hubs.
The Trump administration is reviewing possible changes to a Biden-era rule that restricts global access to advanced AI chips, including potentially scrapping the current system that divides countries into three tiers, according to three sources familiar with the matter.
President Donald Trump said on Tuesday he believes Russian President Vladimir Putin wants to end the war in Ukraine, even as missile strikes continue across the country.
European Commission President Ursula von der Leyen on Tuesday invited global scientists to make Europe their new home, amid rising pressure on U.S. universities under the Trump administration.
North Korea has conducted the first weapons test on its new “Choe Hyon-class” warship, firing cruise missiles, anti-air missiles, and artillery, state media reported on Wednesday.
Pakistan’s Information Minister Attaullah Tarar said on Wednesday that India is planning a military strike within the next 24 to 36 hours, citing credible intelligence.
China has renewed its call for a permanent ceasefire in Gaza and demanded that Israel cease its military operations in Lebanon and Syria, warning of escalating instability across the Middle East.
President Donald Trump said on Tuesday he believes Russian President Vladimir Putin wants to end the war in Ukraine, even as missile strikes continue across the country.
President Vladimir Putin has signed a decree renaming Volgograd International Airport as Stalingrad, invoking Soviet wartime memory as Russia continues its war in Ukraine.
European Commission President Ursula von der Leyen on Tuesday invited global scientists to make Europe their new home, amid rising pressure on U.S. universities under the Trump administration.
North Korea has conducted the first weapons test on its new “Choe Hyon-class” warship, firing cruise missiles, anti-air missiles, and artillery, state media reported on Wednesday.
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