US President Donald Trump intends to impose new retaliatory tariffs on US trading partners on Wednesday, a move that could change the rules of the global trade game that has existed for decades.
Reuters reported that the White House is preparing to announce the plan today at 4 p.m. Eastern Time.
White House spokeswoman Caroline Leavitt explained that the new tariffs will be implemented immediately upon announcement, while a 25% tariff on all auto imports will take effect tomorrow, Thursday, April 3.
Reports indicate that the US President is considering imposing a 20% global tariff, although the details of the plan remain unclear.
A former Trump administration trade official told Reuters that the president may impose comprehensive tariffs on individual countries. These tariffs are expected to affect more than 15 countries, a number previously indicated by US Treasury Secretary Scott Besant.
In this context, House Republican Representative Kevin Hern reported that Bessent informed members that these duties would constitute a "ceiling" for the maximum tariffs the United States could impose, and could be reduced if countries comply with Washington's demands, according to the agency.
Awaiting details of Trump's expected announcement today, Wall Street experienced sharp fluctuations, and European stocks declined, according to Reuters.
The lack of clarity regarding the size and scope of the tariffs, along with the reactions of other countries, has dented investor confidence. As a result, the pan-European STOXX 600 index fell 0.5%, its lowest level in more than two months and down about 4.6% from its all-time high reached in March.
In the wake of this uncertainty, stock prices have plummeted, with investors losing approximately $5 trillion since mid-February.