White House aides on Tuesday drafted plans for 20% tariffs on most goods imported to the United States.
This is as President Donald Trump prepares to announce new trade barriers that have businesses, consumers and investors fretting about an intensifying global trade war.
Recall that Trump has for weeks put a circle around April 2 as a “Liberation Day” to impose an array of new tariffs that could upend the global trade system, but has provided few details.
The president said on Sunday that reciprocal tariffs will target all nations that impose duties on US goods, and the White House said Monday that any country that has treated Americans unfairly should expect to receive a tariff.
The Republican also said a 25% tariff on auto imports will take effect on April 3.
Media Talk Africa reports that Trump is due to unveil his tariff plan at an event in the Rose Garden at 4 p.m. Eastern Time (2000 GMT) on Wednesday.
Meanwhile, White House officials said no final decision has been made about the size, scope and target of the tariffs.
The Washington Post reports that aides are considering a plan that would raise duties on products by about 20% from nearly every country, rather than the more targeted approaches that have also been considered.
The Trump’s administration also anticipates that the new duties could raise more than $6 trillion in revenue that could be sent on to Americans as a rebate.
