Trump Tariffs LIVE: Donald Trump to make new tariff announcement at 2000 GMT on April 2

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.

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.

Donald Trump's tariffs so far:

• Donald Trump announced 25 per cent tariffs on import of cars and auto parts into the US, which will come into effect on April 3.
• In mid-March, a 25 per cent tariff on import of steel and aluminium was imposed.
• Also in March, China was hit by 20 per cent additional tariffs on all goods.

Critics v Trump: Tariffs debate rages on...

While critics have cautined that tariffs will only increase the burden on US consumers as importers would simply pass on the cost, Donald Trump insists they will bring a “rebirth” of American businesses. For now, with all the uncertainities ahead, it is a wait and watch game.

What do US media reports say about Trump tariffs?

Multiple US media reports speculate that Donald Trump may impose a blanket 20 per cent tariffs or even look to negotiate preferential treatment for some countries.

What did the White House indicate about Trump tariffs?

According to the White House, the finer points are still being discussed, but as per the report, the aim would be to tackle what it calls “trade imbalances” between the US and other countries — friends and foes alike.

What to expect from Donald Trump's new tariffs?

Notably, neither Donald Trump nor his administration has specified the scope of the latest announcements, but he has repeatedly stressed on “reciprocation” and had earlier promised a “golden age” for American businesses and put a “stop” to being “ripped off”, as per the AFP report.

When will Donald Trump's new tariffs be effective?

According to White House Press Secretary Karoline Leavitt, the new tariffs would come into effect “immediately” after roll-out on April 2, AFP reported.

She added that Donald Trump was meeting his top advisors on the eve of the announcement, “perfecting it to make sure this is a perfect deal”.

Donald Trump's new tariffs — Date and Time

According to the White House, Donald Trump is set to make his announcement in the Rose Garden of the White House at 4 pm local time on April 2 — this is 8 pm GMT and around 1.30 am IST on April 3.

The announcement time has been set for after Wall Street markets close in the US. However, Asian markets will open hours later, and are expected to tell the impact story first.

Canada Conservative leader warns Trump could break future trade deal

Canada's Conservative Party leader Pierre Poilievre on Wednesday escalated his criticism of Donald Trump, outlining plans to confront a US president he said cannot be trusted to honor agreements.

Hours before Trump was set to unveil sweeping tariffs that could punish the Canadian economy, Poilievre addressed an audience of business leaders in downtown Toronto, the epicenter of Canada's financial industry.

Polling ahead of Canada's April 28 election indicates Poilievre has struggled to establish himself as a forceful counter to Trump, whose trade war and repeated threats to annex Canada have shattered bilateral relations.

Poilievre said if elected to replace Liberal Party leader Mark Carney as prime minister he would immediately ask Trump to launch negotiations on a new trade agreement.

"I will propose that both countries pause tariffs while we hammer out that deal," Poilievre said.

But, he added, Canada cannot assume Trump will keep his word. – AFP

UK braces for impact of Trump’s tariffs

British Prime Minister Keir Starmer and domestic businesses are braced for the impact of US President Donald Trump’s “Liberation Day” tariffs, which have the potential to derail the government’s hopes for economic growth.

The UK’s FTSE 100 fell slightly on Wednesday in anticipation of Trump’s announcement due at 9pm, which is expected to slap import taxes on goods arriving in the US from around the world. 

The car industry has already learned its fate, with a 25% tariff on vehicles sent to the US – something which could cost an estimated 25,000 jobs in the UK.

The prime minister has said he expects the UK will be hit and Chancellor Rachel Reeves warned Cabinet ministers there would be an economic impact from the tariffs.

Trump tariffs’ potential toll on major Asian economies

The trade war that US President Donald Trump has escalated in his second term is a challenge for all Asian economies, large and small, in an era when the most populous region of the world is expected to drive global economic growth.

Export manufacturing and free trade helped transform China and other Asian countries into economic powerhouses over the past decades. Trump's barrages of tariffs, aimed at compelling companies to keep or set up their factories in the United States, are rupturing trade agreements often made at great political cost to trading partners. 

The White House said the criteria for raising tariffs will include not just US trade deficits but also various taxes, exchange rates, government subsidies and various non-tariff trade barriers. -- AP

Donald Trump strikes deal with Kamala Harris' husband's law firm

Willkie Farr & Gallagher, the law firm of Kamala Harris' husband Doug Emhoff, is committing at least $100 million in pro bono work to causes aligned to “conservative ideals”, according to US President Donald Trump.

The law firm's chairman Thomas Cerabino said on Truth: “We reached an agreement with President Trump and his administration on matters of great importance to our firm. The substance of that agreement is consistent with our Firm’s views on access to legal representation by clients including pro bono clients.”

Nikkei index slides amid fresh tariff woes

Japan's Nikkei index was a mixed bag on April 2, as traders await the latest round of tariffs from US President Donald Trump, according to a Reuters report.

The Nikkei at one point slipped 0.56 per cent to 35,426.33 — its lowest since September 11, 2024, after opening 0.36 per cent higher at the session's high of 35,751.02. It traded flat at 35,630.18 as of 0153 GMT, the report added.

Oil prices steady as markets await more US tariffs

Oil prices steadied on April 2, after falling in the previous session on concerns over more tariffs by Donald Trump, to be announced later today, according to a Reuters report. New US tariffs are set to deepen a global trade war that could limit crude demand, it added.

• Brent futures were down 2 cents to $74.47 a barrel, down 0.4 per cent on April 1.
• US West Texas Intermediate (WTI) crude futures were up 1 cent to $71.21 after dropping 0.4 per cent.

March auto sales in US hit 1.6 million ahead of 25% tariff on imports

US automakers sold nearly 1.6 million vehicles in March, marking a 13.6% increase from the previous year. Total sales for the first quarter reached over 3.9 million vehicles. Almost all automakers saw a notable increase in electric vehicle sales, contributing to the overall sales rise. (AP)

Carney and Sheinbaum stress importance of North American competitiveness

Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum spoke about Canada's strategy to counter "unjustified trade actions" by the United States. Both leaders emphasised the need to protect North American competitiveness while respecting each nation's sovereignty. Prime Minister Carney reiterated his intention to challenge unfair trade practices by the US in future trade negotiations.

Mexico won’t retaliate with ‘Eye for an Eye’ approach to US tariffs

President Claudia Sheinbaum stated that Mexico will not take an "eye for an eye" approach to the US tariffs. Sheinbaum emphasised that while Mexico will respond to US actions, it believes in dialogue rather than escalating tensions.

The U.S. is expected to announce 25% tariffs on imported cars and car parts, effective this week.

Mexico has vowed a "comprehensive response," but will focus on dialogue as a key strategy. Sheinbaum indicated that Mexico would wait for the full details of Trump's announcement before formulating a response.

Trump to announce reciprocal tariffs on unfair trade partners

The White House stated that nations treating the US unfairly will face tariffs in return. The tariffs will be sweeping and reciprocal, as described by the White House. Specifics of the tariffs have not been disclosed.

Tariff announcement by Trump at 2000 GMT on April 2

President Donald Trump will announce tariffs in the Rose Garden at 2000 GMT on Wednesday, April 2 (1:30 am IST on April 3).

Countries treating US unfairly will face tariffs, says White House

The White House stated that any nation treating the US unfairly should expect tariffs. President Trump is set to announce "sweeping, reciprocal tariffs" on Wednesday.

White House spokesperson Karoline Leavitt declined to provide further details.

When asked about exemptions for farmers, Leavitt said there were "no exemptions at this time."

Reciprocal tariffs effective immediately?

As US President Donald Trump aims to increase competitiveness in the United States, the White House announced on Tuesday, April 1, that the reciprocal tariffs will be effective immediately after Donald Trump's announcement on Wednesday, April 2, according to a Reuters report.

Latest before Tariff Hikes

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.

The Office of the U.S. Trade Representative on Monday, March 31, disclosed a list of foreign nations whose policies and regulations the US regards as barriers to global trade. India was named one of the nations on the list for its import-quality requirements.

According to the news report, India's quality control authority, the Bureau of India Standards (BIS), since 2019, has mandated quality control in sectors like Chemicals, medical devices, batteries, electronics, food and textiles.

They have issued more than 700 quality control orders in nearly 100 sectors and also plan to issue 125 new orders in sectors like chemicals, textiles, steel, aluminium, and electric equipment, reported the agency, citing a statement from the Indian government.

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.

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.