We are now one day from "Liberation Day," according to President Trump, who plans to unveil a new round of tariffs he says will free the US from dependence on foreign goods on Wednesday. Trump considered several ideas, including a 20% global tariff on nearly all imports, per the Wall Street Journal. Late Monday, he told the outlet his plans were "settled" but didn't reveal what they were. Some White House advisers expressed surprise at the comment, coming after days and weeks of contradictions, saying talks were still very fluid, per the Journal.
Trump has argued tariffs will raise revenue to offset tax cuts and revive US manufacturing. If he decides against a universal tariff, the alternative would be levying tariffs against individual trade partners. Trump has complained other countries tax American exports at a higher rate than America taxes theirs, as the AP reports. He's indicated that, with pressure, countries might lower their tariffs on US goods. "But if tariffs are subject to negotiation, and could be lowered over time, that would raise doubts about how much revenue could ultimately be expected from their imposition," the Journal reports. And "some aides are concerned about the effect tariffs could have on prices."
Economists say Trump's trade war has contributed to inflation and raised the odds of a US recession, reports USA Today, as well as alienating US allies. They say it's unlikely that companies with overseas factories will relocate to the US, where they'll face shortages of skilled workers, under the threat of tariffs that may be short-lived. Even if several did relocate, "the number of jobs created would be relatively small and more than offset by those wiped out in a recession, economists say," per USA Today. Trump is expected to unveil his plan Wednesday at a Rose Garden press conference, per CNN. (More President Trump stories.)
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