Donald Trump Tariffs Announcement Live Updates: US President Posts ‘It’s Liberation Day’ In Social Media Ahead Of Big Move

Donald Trump has hinted at slapping higher tariffs on pharmaceutical imports, though he suggested life-saving drugs might be spared. But if they aren’t, the impact could be massive, warns an industry CEO.

Gareth Sheridan, CEO of US healthcare firm Nutriband, told BBC World Service that Ireland—a major pharmaceutical exporter—supplies a range of critical medications, from chemotherapy drugs to treatments for heart conditions and diabetes.

Mexican President Claudia Sheinbaum has confirmed that Mexico will not impose tit-for-tat tariffs in response to the latest US trade measures. According to a Reuters report, Sheinbaum emphasised that her administration is focused on a broader strategy rather than immediate retaliation.

While many expected Mexico to respond with countermeasures, Sheinbaum stated that a “comprehensive plan” will be revealed tomorrow

The White House hinted that 10 to 15 countries with large trade imbalances could face new US tariffs. These “Dirty 15” nations fear they will be hit hardest when the April 2 tariffs take effect.

According to White House economic adviser Kevin Hassett, who spoke to Fox Business, these countries use domestic rules on content and food safety to block American products. Unless trade barriers are levelled—or the US imposes even higher tariffs—the new duties will proceed as planned.

As the global trade war escalates, Brazil is seizing an opportunity, says the Wall Street Journal in a report.

With China slapping tariffs on US agricultural goods, buyers are stockpiling Brazilian soybeans, while suppliers of cotton and chicken expect a surge in Chinese demand. The shift is already reflecting in markets—Brazil’s commodity-driven stock index is up 9% this year, while the S&P 500 has slumped 4.2%. For Brazil, the US-China standoff isn’t just a challenge—it’s a chance to cement its role as a top supplier in the global economy.

Car dealerships across New York are witnessing a surge in buyers as customers rush to purchase vehicles ahead of President Trump’s upcoming tariff announcement.

Tom Maoli, CEO of Celebrity Motor Cars, says sales at his luxury outlets—including Lexus of Route 10 and Maserati of Morris County—have jumped 15% in anticipation of the price hikes.

“If the Trump administration follows through on the proposed tariffs, car prices and repair costs could rise by 10% to 12%,” Maoli told The New York Post.

A report by Bloomberg listed all the tariff-related moves made by Trump:

A 10% tax on all Chinese goods imported to the US was introduced in early February and then doubled to 20% a month later.A 25% blanket levy on most imports from Canada and Mexico took effect in early March, followed by a swathe of exemptions announced two days later. Trump referred to this as a one-month delay, although the legal orders have no expiry.A 25% tariff on US imports of steel and aluminum was imposed on March 12.A 25% tax on US auto imports was announced on March 26. The plan is to tax fully assembled vehicles starting April 3 and expand the scope by May 3 to include major automobile parts.

On February 10, Trump floated the idea of a reciprocal tariff, where the US would match the average import duties imposed by other nations.

“If they charge us, we charge them. If they’re at 25, we’re at 25. If they’re at 10, we’re at 10,” he told reporters.

While the policy sounds straightforward, it would likely violate WTO’s Most Favoured Nation (MFN) rules, which require countries to maintain uniform tariffs on specific goods, regardless of their origin. If implemented, such a move could trigger trade disputes and further disrupt global commerce.

According to a report by BBC Digital, if the US imposed a 9.4% tariff on all goods from Vietnam but only 3.8% on goods from the UK—matching the tariffs these countries impose—it would likely break WTO rules.

However, if the US could prove that a country was already violating WTO rules, it might justify imposing retaliatory tariffs against that specific nation.

But applying reciprocal tariffs across the board, without proving any violations, would likely go against WTO guidelines.

Samir Arora of Helios Capital argues that the real risk for India isn’t the tariffs applied to its exports but the broader impact of US protectionism. If the American economy slows due to escalating tariffs, it could dampen demand across industries, including those crucial to India, such as IT services.

“I think the biggest risk to Indian market is not tariffs applied to India but what happens to the US market and economy due to various tariffs, which then affects other markets and sectors like Indian IT,” he said.

American Apple farmers highlighted the steep import duties their fruit faces in key markets—50% in India, 40% in Thailand, and 10% in Brazil. They also pointed to sanitary regulations in Australia that they believe unfairly restrict their exports.

Streaming companies raised concerns over digital taxes in Canada and Turkey, arguing that these policies disproportionately impact US firms.

Meanwhile, the oil and gas industry criticised Mexico’s regulations requiring partnerships with the state-owned oil company, calling them restrictive.

The White House also flagged tariff disparities, citing Brazil’s 18% ethanol tariff compared to the US’s 2.5%, Europe’s 10% car tariffs against the US’s 2.5%, and India’s former 100% motorcycle tariffs versus the US’s 2.4%.

The Republican claims the tariffs will push US consumers to prefer American-made products, strengthening the economy and increasing government revenue.

Trump aims to narrow the trade deficit by balancing the value of imports and exports.

Tariffs are taxes imposed on goods imported from other countries.

Typically, tariffs are calculated as a percentage of a product’s value. For instance, a 25% tariff on an item worth ₹1,000 would mean an additional ₹250 charge.

Businesses importing these foreign goods must pay this tax to the government. They can then decide whether to absorb the cost or pass it on to customers through higher prices.

Business was already tough for auto parts maker Asahi Tekko, but with US car tariffs due to bite this week its president has a simple message for Donald Trump: “Give me a break.”

The 425 workers at the company are some of the 5.6 million Japanese people employed directly or indirectly in the auto sector who are now fearful about their future.

With U.S. President Donald Trump’s new tariffs taking effect from April 2, India’s exports to the U.S. could take a hit of $3.1 billion due to expected reciprocal measures, according to a new report by CareEdge Ratings.

While the direct impact amounts to just 0.1% of India’s GDP, the broader concern lies in potential shifts in market sentiment, said Smita Rajpurkar, Director at CareEdge Ratings, during the report’s release in Mumbai on April 1.