Trump Tariff Announcement latest updates: Donald Trump announces reciprocal tariffs on India, China, others

Donald Trump Tariffs highlights: US President Donald Trump has said that he will impose reciprocal tariffs on the country’s global trading partners on Wednesday, effective from midnight. The new Trump tariffs are expected to change how trading works worldwide, risking cost increases and likely drawing retaliation from all sides.

Tax cuts without Medicare, Social Security cuts

“We are going to announce the largest tax cuts in history, and we will not cut Medicare, Social Security,” said Trump.

Historic executive order

What Donald Trump said

Trump tariffs

With a few exceptions, based on the charts Trump read out, the tariff rate being imposed by the U.S. on most countries was around half of what those countries charged. There were some exceptions in which the US charged the exact rates that those countries charged, according to the chart.

Trump: India good friend, but…

Donald Trump has said that India is “very very tough”.

“PM Modi my friend but… they charge us 52 per cent”, says Trump as he announced 26 permcent discounted reciprocal tariff on India.

Trump confirms auto tariffs

“That's why, effective at midnight, we will impose a 25% tariff on all foreign- made automobiles,” says Donald Trump.

Trade partners looted US: Trump

“April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again and to make it wealthy, good and wealthy. For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” says Donald Trump.

Donald Trump promises ‘Golden Age of America’

Donald Trump says, “Jobs and factories will come roaring back into our country and you see it happening already. We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers. And ultimately, more production at home will mean stronger competition and lower prices for consumers. This will be, indeed, the golden age of America.”

Donald Trump to sign executive order for reciprocal tariffs

“In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal, that means they do it to us and we do it to them. Very simple. Can't get any simpler than that,” says Donald Trump.

President Donald Trump appears at White House

President Donald Trump appeared at the White House Rose Garden on Wednesday for a "Liberation Day" ceremony where he is expected to announce sweeping tariffs that could escalate a trade war and upend the global economy.

Trump's tariffs on auto parts imports to be launched from May 3

US President Donald Trump's administration confirmed on Wednesday that his 25 per cent global car and truck tariffs will take effect on Thursday and that duties on automotive parts imports will be launched on May 3.

In a Federal Register notice on Trump's auto tariff proclamation issued last week, the White House directed the Commerce Department to establish a process within 90 days for adding more parts to the list, including at the request of domestic producers. According to the Federal Register, the tariffs on auto parts are due to take effect at 12:01 a.m. EDT on May 3.

Oil edges higher as market awaits fresh US tariffs

Oil prices edged higher on Wednesday as market participants braced for US reciprocal tariffs due to be announced at 4 p.m. ET that will likely increase investor uncertainty and the risk of a global trade war, and may dampen demand for crude.

Brent futures settled 46 cents higher, or 0.6 per cent, at $74.95 a barrel. US West Texas Intermediate crude futures gained 51 cents, or 0.7 per cent, to $71.71. Investors shrugged off mostly bearish US government crude inventory data. US crude inventories posted a large build of about 6.2 million barrels last week, Energy Information Administration data showed.

Gold prices near all-time high

Gold prices rose towards their record high on Wednesday, supported by safe-haven demand as markets braced for Donald Trump's latest tariff plans later today.

Spot gold was up 0.4 per cent at $3,123.05 an ounce at 01:46 am EDT (17:46 GMT). US gold futures settled 0.6 per cent higher at $3,166.20.

US will see fair trade in decades: White House

The White House in an article on Wednesday said that the United States will see fair trade for the first time in decades as President Donald Trump announces tariffs to “level the playing field for American workers and businesses.”

It said that despite media and opposition criticism, studies have showed that “tariffs are an effective tool for achieving economic and strategic objectives”.

Trump tariff to bring oil crisis-like shock? What expert says

Former Treasury Secretary Lawrence Summers has warned that the tariffs announced by Donald Trump will impose an oil crisis-like shock to the US economy. This will result in a contraction of its productive capacity — boosting both prices and unemployment.

“This is the kind of thing you discuss in the way we would usually discuss an oil-price spike or earthquake or a drought, as a supply shock,” Bloomberg quoted summers as saying on Wednesday.

Trump Tariff details

The details of Trump tariff plans are still being worked out as Donald Trump is set to announce the tariffs at a White House briefing at 4 pm ET (1:30 am IST). Donald Trump has styled the new US tariff plans as America's "Liberation Day".

When will Trump tariffs take effect?

The new duties will take effect immediately after Trump announces them, while a 25 per cent global tariff on auto imports will take effect on April 3. In just over 10 weeks since taking office, Trump has imposed 20 per cent duties on all imports from China and fully restored 25 per cent duties on steel and aluminum, extending these to nearly $150 billion worth of downstream products.

On Wednesday, the administration said that would include all beer and empty aluminium can imports. A month-long reprieve for most Canadian and Mexican goods from his 25 per cent fentanyl-related tariffs expires on Wednesday.

Control room to monitor Trump's tariff announcements

The Indian government has set up a control room to monitor the key trade announcements by US President Donald Trump regarding the imposition of reciprocal tariffs against key trading partners, including India, at 1.30 am (India time), sources told the news agency PTI.

Senior officials from ministries, including commerce and industry, will watch the announcements closely in the control room. President Trump has said the tariff announcements, scheduled for morning Thursday (India time), will be a 'Liberation Day' for the US. The commerce ministry is working on four scenarios to assess the potential fallout of the reciprocal tariffs, as there is still uncertainty over the quantum and manner in which the levies will be imposed.

What do Trump tariffs mean for the world?

The new Trump tariffs are a bid to boost US manufacturing and punish other countries for what he has said are years of unfair trade practices. However, economists have flagged that the new tariffs imposed by Donald Trump threaten to plunge the economy into a downturn and mangle decades-old alliances.

Most important day in American history

“April 2, 2025, will go down as one of the most important days in modern American history,” White House press secretary Karoline Leavitt said on Tuesday. White House trade adviser Peter Navarro suggested that the new tariffs would raise $600 billion annually, the most significant tax increase since World War II.