Trump to Unleash His Global Trade War After Wall Street Closes on Wednesday
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April 1, 2025 Hour: 1:16 pm
Previously, Secretary Lutnick will present him with a report detailing trade and tax barriers.
On Tuesday, the White House announced that U.S. President Donald Trump will unveil his global tariffs on Wednesday at 4:00 PM Washington time, after the closing of the stock market on Wall Street.
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The event, dubbed “Make America Wealthy Again,” will take place in the White House Rose Garden, where Trump will later deliver remarks. On Monday, the Republican politician stated that he would be “very kind, relatively speaking” with these tariffs against some of the United States’ key trading partners.
“The word ‘reciprocal’ is very important… We give them back what they do to us,” he said but refused to provide further details on the tariff amounts or how they would be allocated by country and sector.
On Tuesday, U.S. Secretary of Commerce Howard Lutnick will present Trump with a report detailing trade and tax barriers—such as the European VAT—that other nations impose on American products.
This document is expected to be key in Trump’s final yet uncertain decision, as he asserted that he is not concerned about this policy bringing some of his allies closer to China. Given this situation, some analysts believe that the most likely protectionist trade policy option would be a flat 20% tariff on all imports.
White House advisers have previously stated that this tariffs package would generate over US$6 trillion in revenue for the U.S. government. According to the Republican president’s reasoning, April 2 will be “Liberation Day” because it will allow the U.S. to free itself from “unfair” foreign trade practices.
On Thursday, a 25% tariff is set to take effect on all automobiles imported into the United States. However, Trump has decided that auto parts manufactured in Mexico and Canada will be temporarily exempt from this tariff. Meanwhile, Wall Street awaits Trump’s decisions with uncertainty amid growing fears of a trade war and a recession.
In fact, due to the uncertainty surrounding the tariffs, Wall Street closed its worst quarter since 2022 yesterday. In the first quarter of 2025, the Nasdaq suffered a 10.4% drop, compared to a more moderate decline of 4.6% in the S&P 500 and 1.3% in the Dow Jones.
teleSUR/ JF
Source: EFE
