- 25% price on automotive imports to take effect on April 3.
- Reciprocal prices to also enter immediately.
- “Increase the tasks of around 20% of each country on the cards.”
Washington: The White House confirmed on Tuesday that President Donald Trump would impose new prices on Wednesday, although it did not provide any details on the size and scope of trade barriers, consumers and investors worrying about the intensification of the world trade war.
For weeks, Trump deceived on April 2 as a “liberation day” which will see new dramatic tasks that could upset the global trade system, with an announcement of Roser Garden scheduled for 16 hours, Eastern time (2000 GMT).
White House spokesperson Karoline Leavitt said the reciprocal prices on countries imposing tasks on American products would take effect immediately after Trump announced them, while a 25% price on car imports will take effect on April 3.
The secretary of the Treasury, Scott Bessent, told the legislators of the Republican Chamber that the reciprocal prices that Trump would announce a “ceiling” of the highest level of American pricing to which the countries will face and could lower if they respond to the requests of the administration, according to the Republican representative Kevin Hern of Oklahoma.
Trump has already imposed prices on aluminum and steel imports and has increased his rights on all goods from China. But he has also repeatedly threatened to impose other prices, to cancel or postpone them.
Leavitt’s announcement said he was planning to rush this time. “The president has a brilliant team of advisers who have been studying these problems for decades, and we focus on restoring America’s golden age,” she said during a press briefing.
Trump’s determination to advance comes in the midst of growing indications that the large uncertainty generated by its in -depth concentration on prices erodes investors, consumers and businesses so as to slow down activity and increase prices.
Atlanta’s Federal Reserve Bank economists have said that recent investigation has shown that business financier leaders expected the prices this year while reducing hiring and growth.
The difficult details of what Trump will unveil on Wednesday remained clear. According to the Washington PostAids are considering a plan that would increase rights over products by around 20% of almost all countries, rather than targeting certain countries or products. The administration provides that new tasks may increase more than $ 6 billions in income that may be sent to the Americans as a discount, the newspaper reported.
Meanwhile, the Wall Street Journal, quoting people familiar with the knowledge of the discussions, reported that the US trade representative was preparing the option for a cross-country price on a subset of nations that would probably not be as high as a universal tariff option at 20%.
An assistant from the White House said that any report before the event of tomorrow is “a simple speculation”.
Trump’s actions have increased tensions with the largest trade partners in the United States.
Canada has promised to respond with its own prices. “We will not disadvantage Canadian and Canadian workers compared to American workers,” Prime Minister Mark Carney told Winnipeg.
Carney and Mexican President Claudia Sheinbaum spoke about Canada’s plan on Tuesday to “combat unjustified commercial actions” by the United States, said the Prime Minister’s office.
“With difficult times to come, Prime Minister Carney and President Sheinbaum stressed the importance of protecting North American competitiveness while respecting the sovereignty of each nation,” the Carney office said in a statement.
American companies say that a “buying Canadian” movement already makes it more difficult for their products to reach the shelves of this country.
Other countries have also threatened countermeasures, even if they have sought to conclude agreements with the White House to avoid prices.
It was not clear if these efforts would succeed before Wednesday, but the hope is that they would lead Trump to retreat in the coming weeks, according to a person familiar with the conversations.
Trump has argued that American workers and manufacturers have been injured in recent decades by free trade transactions that have lowered obstacles to global trade and fueled the growth of an American market of $ 3 billions for imported goods.
The explosion of imports came with what Trump considers a blatant disadvantage of massively unbalanced trade between the United States and the world, with a trade deficit of goods which exceeds $ 1.2 billion of dollars.
Economists warn its remedy – high prices – would increase prices in the country and abroad and hammer the global economy. A tariff of 20% in addition to those already imposed would cost the average American household at least $ 3,400, according to the Yale University Budget Lab.
Signs already emerge that the American economy loses momentum due in part to uncertainty favored by Trump’s chaotic approach to the development of economic policies.
A series of commercial and household surveys has shown confidence in economic perspectives, citing concerns that Trump’s prices will lead to resurgence inflation.
The shaken investors have sold actions aggressively for more than a month, wiping nearly 5 billions of dollars on the value of American shares since mid-February. Wednesday, Wall Street ended Tuesday with investors trapped in details of Trump’s announcement.
The risks are not only isolated in the United States.
Factories around the world, from Japan to Britain in the United States, saw the activity collapse in March while companies were preparing for Trump’s new prices, although some saw a rebound in the race to bring goods to consumers before the new measures touch.
American manufacturing activities were contracted after two months of consecutive growth, according to the Institute for Supply Management, and the producers of goods said that their contribution costs were the highest in almost three years. The prices have been largely mentioned as the main source of anxiety for factory managers.
“The price increase while commercial activity slows down the impression that the economy could go to stagflation,” said Jeffrey Roach, chief economist at LPL Financial.