Trump tariffs announcement HIGHLIGHTS: US president's ‘Liberation Day’ tariffs to take effect midnight

China 34%
European Union 20%
Vietnam 46%
Japan 24%
South Korea 25%
UK 10%
Thailand 36%
Switzerland 31%
India 26%
South Africa 30%
Bangladesh 37%
Singapore 10%
Phillipines 17%
Sri Lanka 44%
Saudi Arabia 10%

“We subsidise a lot of countries and keep them going and keep them in business. Why are we doing this? I mean, at what point do we say you got to work for yourselves. This is why we have the big deficits. This is why we have that, amount of debt that’s been placed on our heads over the last number of years, and we’re really not taking it anymore,” he says.

Trump adds, “In the face of unrelenting economic warfare, the United States can no longer continue with a policy of unilateral economic surrender. We cannot pay the deficits of Canada, Mexico and so many other countries. We used to do it. We can’t do it anymore. We take care of countries all over the world. We pay for their military. We pay for everything they have to pay. And then when you want to cut back a little bit, they get upset that you’re not taking care of them any longer. But we have to take care of our people and we’re going to take care of our people first. And I’m sorry to say that.”

“We will establish a minimum baseline tariff of 10%,” Donald Trump announces.

Trump warned the world leaders, saying that if they want an exemption to his “reciprocal tariffs” should change their trade policy. 

“Terminate your own tariffs, drop your barriers, don’t manipulate your currencies,” he said, “and start buying tens of billions of dollars of American goods.”

US President Donald Trump has announced to impose 26% 'discounted' reciprocal tariffs on India as per the US government calculation. 

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Trump has announced that the United States will levy a 10% tariff on all goods imported from the United Kingdom.

The president shared that the United States will impose “reciprocal tariffs” on all charges other countries levy against the US, and said that the UK charges the United States its own 10%.

Trump said that he doesn’t place the blame on other countries for “this calamity.”

“I blame former presidents and past leaders who weren’t doing their job. They let it happen, and they let it happen to an extent that nobody can even believe. That’s why, effective at midnight, will impose a 25% tariff on all foreign made automobiles,” the president said.

Trump is addressing at a Rose Garden event currently as he is announcing the new measures. 

He said that today is one of the most important days” in American history as he is expected to sign an order instituting reciprocal tariffs on various countries.

“It’s our declaration of economic independence,” Trump said.

The president said the United States would use the money generated from tariffs to “reduce our taxes and pay down our national debt.”

Donald Trump has said that the tariffs he is implementing today will go into effect at midnight. They will include a 25% tariff on all foreign-made automobiles.

Trump has begun his “liberation day” event announcing sweeping tariffs, saying he will sign an executive order announcing “retaliatory tariffs”.

“April 2, 2025 will forever be remembered as the day American industry was reborn,” Trump said. “For decades our country has been looted, pillaged, raped and plundered by nations near and far,” by both allies and enemies, he added.

As Donald Trump's tariffs kick in on April 2, a speech by former US president Ronald Reagan has resurfaced on the internet. The 40th president of the United States warned of  “trade wars“ and asked people to beware of “demogogues who are ready to declare a trade war against our friends” in a radio speech he made nearly 40 years ago.

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The impact on Indian businesses will depend on whether the tariffs are imposed at the product, sector, or country level. The US has been India’s largest trading partner from 2021-22 to 2023-24, accounting for 18% of India’s total exports, 6.22% of imports, and 10.73% of bilateral trade.

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The Trump administration is imposing 25% tariffs on beer and empty aluminum cans, according to a notice published today by the Commerce Department.

It added that the US would begin collecting duties on the tariffs starting at 12:01 am on Friday.

Mitch McConnell, the Republican senator from Kentucky privately told Democratic senator Tim Kaine that he would support Kaine’s resolution to undo Donald Trump’s tariffs on Canada.

Kaine told reporters that he approached McConnell on the Senate floor yesterday evening. 

"I said, ‘I want to talk to you about my Canadian tariffs bill.’ And, you know, I didn’t even get to the question, and he said, ‘I’m with you.," he said. 

Here are some of the biggest questions about what Trump has planned.

Read HERE. 

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”. 

When: 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).

Where: The event called ‘Make America Wealthy Again’ will be held at the White House Rose Garden.

Where to watch: 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.

Immediately after the announcement by trump, the reciprocal tariffs will come into effect.

Britain's finance minister Rachel Reeves said the UK would take a measured approach to impending US tariffs, prioritising a post-Brexit trade deal with Washington over immediate retaliation.

"The prize on offer is a good economic agreement between us and the United States, we won't do anything to put that in jeopardy," Reeves told a parliamentary committee.

US President Donald Trump is just hours away from announcing the major reciprocal tariffs on several nations on "Liberation Day". Trump took to Truth Social on Wednesday (April 2), posting, "IT’S LIBERATION DAY IN AMERICA!", expressing enthusiasm as the whole world awaits his announcement. 

Read: How world is reacting as Trump sets tone for reciprocal tariffs' announcement

Democratic House minority leader Hakeem Jeffries warned that Trump's rollout of new tariffs would increase prices and ultimate drive the US into a recession. 

“This is not ‘liberation day’,” Jeffries said at a press conference on Wednesday. “It’s recession day in the United States of America.” He added:

"That’s what the Trump tariffs are going to do: crash the economy."