Donald Trump Tariffs LIVE: The United States President, Donald Trump, is set to unveil a new set of tariffs for nations worldwide on Wednesday, April 2. Trump also branded the date as “Liberation Day,” when the administration seeks to boost domestic manufacturing, among other things.
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Two days before the reciprocal tariffs are set to affect the world, the US government, in a report cited by the news agency Reuters, said that the nation has concerns over India’s rising customs barriers, import curbs, and licenses, alongside high tariff rates.
Earlier, President Donald Trump called India a “tariff king” and “tariff abuser” as the South Asian nation tries to negotiate a lower rate and win over the newly elected Trump administration.
The overall plans for the tariff announcement revolve around prioritising the US economy over helping other nations. The Trump administration aims to announce the so-called reciprocal tariffs, rebalance global trade, boost the US domestic manufacturing power, and overall generate substantial revenues for prioritising domestic policies.
Tariff Hike Details
The White House has not announced any specific details on the rates of the upcoming tariffs or how they will be calculated, along with the details on which countries may qualify for exceptions.
“You’d start with all countries, so let’s see what happens,” Donald Trump told reporters aboard Air Force One. “I haven’t heard a rumor about 15 countries, 10 or 15.”
Concerns of the upcoming tariff announcement on April 2, are looming over the investors globally as they await for Donald Trump’s address on the “Liberation Day.”
Market Reaction ahead of tariffs
The Indian stock markets took a strong hit on Tuesday, ahead of Trump’s tariff announcements, as investors remained cautious over the United States’ impending reciprocal tariffs on India.
The US markets, after opening lower on Monday and the S&P 500 and Nasdaq Composite hitting their six-month low, overall closed higher with the exception of the Nasdaq.
The Dow Jones Industrial Average Index closed 1 per cent higher at 42,001.76 points on Monday, compared to 41,583.90 points at the previous US market close. The S&P 500 Index closed 0.55 per cent higher at 5,611.85 points, compared to 5,580.94 points in the previous market session.
On the other hand, the Nasdaq Composite Index closed 0.14 per cent lower at 17,299.29 points after Monday’s session, compared to 17,322.99 points at the previous Wall Street close.
Existing Tariffs Imposed by Trump
The first round of US tariffs imposed by President Donald Trump came as an executive order on goods imported from Mexico, Canada, and China, as per Mint’s earlier report.
The US imposed 10 per cent tariffs on goods imported from China, while Mexico and Canada were hit with 25 per cent tariff rates.
After the nations retaliated against the US, Donald Trump paused the tariffs on Mexico and Canada for 30 days, as both nations pledged to address the issues over drug trafficking and border security on February 3, 2025.
On February 10, Donald Trump announced his plans to impose 25 per cent tariffs on all steel and aluminium imports into the United States.
“Very simple, they charge us, we charge them,” he said. India was one of the nations affected, as the steelmakers are currently struggling with rising imports and falling domestic prices.
