What to know about President Trump’s ‘Liberation Day’ tariff plans

President Donald Trump The last plan of tariffs was announced on Wednesday afternoon at the event of the Spitak House in the Garden, which he said that he was going to impose mutual tariffs on US trade partners.

Trump “Liberation Day” Tariff Statement: Comes for the US Financial Markets after a trading day that has been severed through uncertainty in recent weeks. The S & P 500 descends about 3.9% year and benchmark index profits when the Trump’s election in November was deleted to expand the trade war.

“April 2, 2025 will be remembered forever, as the American industry has been reborn,” Trump said in the word “Rose Garden”. “In a few seconds, I will sign a historical executive order that creates mutual tariffs around the world. Mutual, it means us and we do it for them.

“This is one of the most important days, in my opinion, in American history. This is the Declaration of Our Economic Independence. For years, hardworking American citizens had to sit at our expense, as other peoples were rich. “But now it’s our turn, and doing so, use trillion and trillion dollars to reduce our taxes and pay off our national debt very quickly.”

Wall Street Firm sees the risk of falling on tariffs, trading war

Wednesday President Donald Trump will announce his tariff plans. (JABIN BOTSFORD / THE WASHINGTON POST VIA GETTY Images / Getty Images)

What are the tariffs?

Trump and the White House discussed several options for tariffs, despite the returns of the announcement, it remained unknown.

The President said that he wanted to “mutual” tariffs on other countries that meet US import tariffs on tariff pace that external governments apply to US products.

Trump “always holds good talks,” says the White House, like April 2, Liberation Day Tariffs

In addition to the mutual tariff plan, the Trump administration also discussed the tariff of up to 20%, as well as a program to focus tariffs on 15 countries with a high level of relatively high tariffs.

On Monday, the White Housewife Caroline Levit said that there were no privileges of tariffs, including farmers, which were central to response to foreign countries in the first time of Trump.

The White House also plans to launch its “External Revenue Service” to monitor the tariff collection by moving this responsibility to the US Customs and Border Protection to the Trade Department. Trump administration claims that foreign companies and countries pay tariffs, although economists widely agree that they pay their imports, which will be US companies.

Trump’s “External Revenue Service” will gather from importers, not “external sources”

The US Agricultural Industry was a primary target of counterparts in response to the first time of Trump. (SCOTT OLSON / Getty Images / Getty Images)

Trump gave 25% tariffs through Canada and Mexico imports for a lower 10% tariff exchange rate of Canadian energy products, then delays these tariffs to come into force USA-Mexican-Canada Agreement (USMCA) Until April 2, during which they will replace their new tariffs.

Trump has previously announced 25% tariffs on imports of cars, which enter into force on April 3 and set 25% tariffs on imported steel and aluminum. Special tariff plans, which inflow include copper, semiconductors, pharmaceuticals and wood.

What’s next?

The Trump administration’s “Tariff Team” is working to build tariffs and negotiate with a number of other countries. The team includes President Trump, Treasury Secretary Scott Bate, Trade Secretary Howard Lutnik, US Trade Representative Jamison Hasett, Director of the National Economic Council.

On Tuesday, Levit said that “quite few countries” reached the Trump administration to discuss ways to lower tariffs.

How much did a commercial war cost a trump during the first term of Trump?

Tariffs are taxes for imports that pay by the importer when the tariff is entering the country. (Sam Wolfe / Bloomberg Via Getty Images / Getty Images)

The Trump administration has offered tariffs that are taxes on imported goods, they can serve for several purposes, such as other tax cuts, encouraging the industry imports.

These goals are contradictory in some respects. Tariffs, which are imposed, and subsequent negotiations, as a result of lower trade barriers, cause less tax revenues and remove the stimulus of severance. Similarly, if companies transport operations to the United States, the government will collect fewer tax revenues to avoid tariffs.

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Trump’s statement may shed greater light on what the final goal of the administration is for its tariff plans, as well as the status of its negotiations with the American commercial partners.

This report has contributed to Fox Business’ Edward Lawrence and Christina Wurm.

This is a developing story. Please check for updates.