1 month ago
Live now
Last Updated:April 02, 2025, 16:42 IST
While India will be watching the tariff decision closely, trading partners from European Union to Canada and Mexico have vowed to respond with retaliatory tariffs.
United States President Donald Trump (Reuters Image)
The Donald Trump administration is set to unveil ‘Liberation Day’ tariffs on Thursday (Indian time), a move that could upend decades of rules-based trade, risk cost increases and spark a global trade war. The announcement is likely to be made at 2000 GMT (1.30 am IST), after Wall Street markets close.
While Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the United States, the White House admitted he was still ironing out the details with less than 24 hours to go.
The new duties are due to take effect immediately after Trump announces them, while a separate 25 per cent global tariff on auto imports will take effect on April 3.
Trump has said his reciprocal tariff plans are a move to equalise generally lower US tariff rates with those charged by other countries and counteract their non-tariff barriers that disadvantage US exports.
In just over 10 weeks since taking office, Trump has imposed new 20 per cent duties on all imports from China over fentanyl and fully restored 25 per cent duties on steel and aluminum, extending these to nearly $150 billion worth of downstream products.
When And Where To Watch Trump's Traffic Announcement
The White House has said Trump will unveil his decision at 4:00 pm in Washington (2000 GMT), after Wall Street markets close. The event will be live for those following it from India around 01:30 am (Thursday).
President Donald Trump Set To Unveil Sweeping "Liberation Day" Tariffs
US President Donald Trump is set to unveil sweeping new “Liberation Day” tariffs on Wednesday, leaving global markets on edge over the potential impact. He has issued a stark warning that both allies and adversaries are in the line of fire, accusing them of taking advantage of the United States for years.
