Donald Trump is preparing to unleash a sweeping wave of new tariffs on countries with which America trades on Wednesday, April 2. The precise outlines of the plan, dubbed “Liberation Day,” are still crystallizing in the offices of the presidential administration. Trump is expected to make his official announcement at 4 p.m. ET (11 p.m. Kyiv time), the FT reports.
Behind the scenes preparation
The day before, the US leader locked himself in hours of secret talks with his closest aides, plotting how to squeeze his trade allies economically. Despite the business concerns, the White House is confident that these steps will benefit Americans, especially the middle class.
Markets are under stress
Financial players are reacting cautiously, but with palpable wariness. Wall Street is teetering and traders are playing it safe.
“The investor community is generally worried,” said Robert Tipp, head of global bonds at PGIM, adding that markets have been walking on the edge in recent weeks, trying to protect themselves from turmoil.
White House press secretary Caroline Levitt assured that the tariffs would take effect “immediately” and dismissed concerns about stock market slumps. “The White House does not intend to change policy because of temporary fluctuations,” she stressed.
Prospects
Financial experts warn that Trump’s actions could destabilize the economy for years to come. It’s not yet clear which countries will be hit or how hard. “April 2 could be a defining day,” said Christopher Krueger of TD Cowen Washington Research Group. “This is either a strategic maneuver or a major shift in U.S. trade policy,” he said.
- Stock market