Live Updates on Trump’s Tariff Plan and Global Trade Impact
📍 Washington, D.C. / New Delhi – Former U.S. President Donald Trump is set to unveil new reciprocal tariffs today, potentially causing India a $3.1 billion loss, according to reports. While Trump has yet to finalize the plan, sources quoted by Bloomberg suggest that the White House is considering multiple approaches, including a tiered tariff system or a flat tax on imports.
Trump’s ‘Liberation Day’ Tariff Announcement
April 2 has been dubbed ‘Liberation Day’ as Trump prepares to impose immediate tariffs on foreign imports. The White House has recently criticized India, the EU, Japan, and Canada for high tariffs on U.S. agricultural products, fueling speculation about the announcement’s impact on global trade.
A Washington Post report revealed that Trump’s administration is considering a 20% tax on most imported goods, with potential plans to use the revenue for tax refunds or consumer dividends.
Time, Venue & Expected Impact
Trump will announce the tariffs from the Rose Garden at the White House, with the event scheduled for 4 PM Washington time (1:30 AM IST on April 3), according to U.S. Treasury Secretary Scott Bessent.
Potential Consequences
- U.S. Companies & Consumers: Businesses that rely on imports will bear the brunt of the new tariffs. A White House spokesperson, Karoline Leavitt, hinted that the taxes might take effect immediately, raising concerns that companies will need to adjust quickly—either by switching suppliers, increasing prices, or absorbing costs.
- Global Economic Risks: According to a BBC report, businesses facing higher taxes might pass costs onto consumers, leading to inflationary pressures and possible economic downturns.
- India’s Response: With a potential $3.1 billion loss, India could explore countermeasures or trade negotiations to mitigate the impact.
Stay tuned for live updates, expert analysis, and global reactions as the tariff announcement unfolds.
