Trump Is Set To Announce 'reciprocal' Tariffs In A Risky Move That Could Reshape The Economy

After weeks of White House hype and public anxiety, President Donald Trump is set Wednesday to announce a barrage of self-described "reciprocal" tariffs on friend and foe alike.

The new tariffs - coming on what Trump has called "Liberation Day" - is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists' assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.

The White House is exuding confidence despite the political and financial gamble being undertaken.

"April 2, 2025, will go down as one of the most important days in modern American history," White House press secretary Karoline Leavitt said at Tuesday's briefing while adding that the new tariffs will take effect immediately.

The reciprocal tariffs Trump plans to announce follow similar recent announcements of 25 taxes on auto imports levies against China, Canada and Mexico and expanded tariffs on steel and aluminum . Trump has also put tariffs against countries that import oil from Venezuela and plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.