US President Donald Trump is all set to make new ‘country-specific’ tariff announcements later today (April 2), which has been dubbed as “Liberation Day” by the 78-year-old Republican leader. The tariff hike is expected to be the largest unilateral increase since the Cuban embargo of the 1950s.

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Trump's presidential campaign focused largely on trade and tariffs, which are central to his plans of boosting the economy of the United States. India and Japan are among the countries to bear the brunt of reciprocal tariffs as they impose heavy tariffs on American goods. The taxes announced by Trump today will immediately come into force, while taxes on automobiles will be implemented from April 3, according to the White House.
 
“The president will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. It’s time for reciprocity and it’s time for a president to take historic change to do what’s right for the American people," said White House Press Secretary Karoline Leavitt.

Time, date of Trump tariffs announcements

Trump is scheduled to announce the new set of tariffs at 4 pm (local time) on Wednesday, which as per  Eastern Time or India time falls at 1.30 am on Thursday (April 2). The event called ‘Make America Wealthy Again’ will be held at the White House Rose Garden. Immediately after the announcement by trump, the reciprocal tariffs will come into effect.

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Where to watch Trump tariffs announcements?

All major channels like Fox News, CNN, and CNBC will provide live coverage of the event, along with streaming platforms. It will also be live streamed on the official website of the White House.

What to expect from Donald Trump's new tariffs?

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Although it's unknown which nations will bear the brunt of the new tariffs and to what extent, there are reports indicating that Trump could impose a tariff of 25 per cent on its biggest trading partners Germany, Japan, Italy, Taiwan and Vietnam. India is also likely to witness reciprocal tariff announcement.

The aim according to the White House is to tackle the “trade imbalances” between the US and other countries — friends and foes alike.