Trump Unveils Tariff Plan: Liberation Day Begins<\/p>\n
President Donald Trump will unveil new reciprocal tariffs from the White House Rose Garden. While the exact schedule remains unconfirmed, U.S. Treasury Secretary Scott Bessent stated the announcement will take place at 4 PM Washington time on April 2 (1:30 AM IST on April 3). The event will be streamed live on the White House\u2019s official social media channels.<\/p>\n
Impact of the Tariffs
\nThe tariffs could immediately affect U.S. companies that rely on imports, according to White House spokesperson Karoline Leavitt. A BBC report suggests that businesses may respond by changing suppliers, sharing costs with partners, or raising consumer prices. However, excessive price hikes risk reducing demand, potentially triggering an economic slowdown in the U.S. and globally.Donald Trump Tariff Announcement Live Updates
\nTrade Workers to Join Trump\u2019s Tariff Event
\nPresident Donald Trump will host workers from key industries, including steel, automotive, oil & gas, and trucking, in the Rose Garden to demonstrate support for his reciprocal tariff plans. According to a White House official, these industries are among those expected to be most impacted by the new tariffs.<\/p>\n
US Crude Oil Stocks Surge Amid Rising Imports
\nUS crude oil inventories saw an unexpected spike of 6.2 million barrels last week, surpassing forecasts, as refinery activity declined and imports surged, per the Energy Information Administration (EIA). The increase\u2014occurring amid anticipation of Trump\u2019s tariff policy\u2014contrasts with analysts\u2019 expectations of a 2.1 million-barrel decline. The report also noted a 2.4 million-barrel buildup at the Cushing, Oklahoma hub, along with a 999,000 barrel-per-day rise in net US crude imports.<\/p>\n
Trump Finalizes Reciprocal Tariff Strategy
\nA White House official informed CNBC\u2019s Megan Cassella that President Trump has finalized his approach to implementing reciprocal tariffs. This decision marks the conclusion of internal discussions, which were reportedly ongoing until just hours before the official announcement.<\/p>\n
Trump Considers 20% Tariff on All Trading Partners
\nTrump has also explored imposing a flat 20% tariff on all international trade partners, according to The New York Times. This measure is primarily intended to generate government revenue. Research from Yale\u2019s Budget Lab estimates that such tariffs would cost US households between $3,400 and $4,200 per year. However, the Trump administration has proposed directing these revenues toward tax cuts.<\/p>\n