BUSINESS
Trump prepares to announce reciprocal tariffs
April 1, 2025 - U.S. President Donald Trump is preparing to unveil a massive slate of import taxes that he says could hit all countries, in what he has called America’s “Liberation Day”.
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Trump has billed April 2 as the launch of sweeping duties that are the centerpiece of his plan to rebalance global trade, boost U.S. manufacturing and inject tariff revenue into government coffers to fund domestic priorities, including a major tax cut.
The president has preceded Wednesday’s tariff announcement with levies on Canada, Mexico and China – the U.S.’s three largest trading partners – as well as cars, steel and aluminium. Import taxes on copper could come within several weeks. Trump has also threatened tariffs on pharmaceutical, semiconductor and lumber imports.
Uncertainty surrounding his plans, which have often changed and been subject to last-minute carveouts, have triggered fears they could blow up supply chains and raise prices for U.S. consumers. That angst has fuelled a weeks-long sell off on Wall Street that extended into Monday, Bloomberg said.