President Trump is set to announce new reciprocal tariffs this week, applying them broadly to all nations rather than just a select group of countries with large trade imbalances.
While the administration has already imposed tariffs on aluminum, steel, autos, and all Chinese goods, the new plan, dubbed “Liberation Day,” is expected to be much more expansive.
How the tariffs will be calculated and which countries might receive exemptions—remain unclear, but White House officials have hinted that the tariffs will target a group of nations with significant trade barriers, but concerns over a potential trade war and economic repercussions are growing.
Lawmakers, particularly Republicans from agricultural states, are worried about the potential retaliation from trading partners, which could hurt American farmers and ranchers.
Photo Credit: The Wilson Center
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