President Donald Trump has announced that new tariffs set to be unveiled this week will apply to all countries, not just those with significant trade imbalances with the United States. 

Speaking aboard Air Force One, Trump described the measures as part of America’s "Liberation Day," signaling a major escalation in his administration’s trade policies.

The new tariffs, which will be revealed on Wednesday, come on top of existing levies on aluminum, steel, vehicles, and all goods imported from China. 

Trump emphasized that the tariffs would target "essentially all countries," but assured that his administration would be "far more generous" than other nations have been toward the U.S.

Despite earlier hints that the tariff plans might be scaled back, Trump’s latest comments suggest a broader and more aggressive approach. 

White House economic adviser Kevin Hassett recently indicated that the tariffs would focus on 10 to 15 countries with the largest trade deficits, though he did not specify which nations.

Trump and his advisers argue that the tariffs will protect American industries, generate significant revenue, and create jobs. Pete Navarro, Trump’s top trade adviser, claimed the tariffs could raise $600 billion annually, with a 10% tariff on all imports potentially creating nearly 3 million U.S. jobs. 

A tax on car imports alone could generate $100 billion per year, Navarro added.

However, the announcement has rattled global markets, with Asian stock indices falling sharply on Monday. Japan’s Nikkei 225 dropped 4%, Hong Kong’s Hang Seng fell 1.6%, and South Korea’s Kospi declined 2.5%. 

Concerns over a potential trade war and its impact on the global economy have heightened, with the EU and Canada already preparing retaliatory measures.

The stakes are high as countries, including the UK, scramble to negotiate trade deals with the U.S. amidst growing fears of economic instability.

Source: BBC

BDST: 1111 HRS, MAR 31, 2025
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