Trump's Tariff Shakeup: 'Liberation Day' Looms with Global Trade Impact

President Donald Trump plans to announce new sweeping reciprocal tariffs on global trading partners. The tariffs are intended to equalize U.S. tariffs with those of other countries and address non-tariff barriers. These measures are expected to impact numerous industries and may provoke retaliatory responses.

In a bold move set to disrupt global trading norms, U.S. President Donald Trump is expected to introduce sweeping reciprocal tariffs on Wednesday. The new trade strategy, dubbed "Liberation Day," aims to realign U.S. tariff structures with those of its global partners, potentially sparking a wave of international retaliation.

Details remain closely held ahead of Trump's announcement, with a 25% tariff on auto imports also slated for April. These tariffs, part of a broader plan to counteract perceived trade disadvantages, could have profound implications across industries worldwide. Economists warn of increased costs for consumers and potential market instability.

As global markets brace for impact, trading partners like Canada and Mexico are preparing their retaliatory strategies. Trump's approach seeks to protect American interests but risks straining international relations. With markets in a state of uncertainty, the economic ramifications could be far-reaching, affecting trade relations and economic growth globally.

(With inputs from agencies.)