US President Donald Trump will announce the largest tariff package ever tomorrow, April 2, CNBC reports.
Although the main details have not yet been revealed, the new tariffs are expected to affect different trading partners to varying degrees.
"Reciprocal tariffs" against "unfair" barriers
Trump plans to impose "reciprocal tariffs" on countries that apply high tariffs or trade barriers against American goods. He called April 2 "America's Liberation Day" and "the big date", emphasizing the importance of the new measures.
It remains unclear which countries will be most affected and how exactly the tariff rates will be calculated. According to the US administration, some countries are "taking advantage" of the US and this requires firm countermeasures.
"The Dirty 15" and the trade deficit
US Treasury Secretary Scott Besant said that the administration has identified 15 countries that are major contributors to the US trade deficit. Although he did not reveal specific names, Kevin Hassett, director of the National Economic Council, later specified that 10-15 countries are responsible for the entire US trade deficit, which amounts to a trillion dollars.
List of potentially affected countries
Data from the US Department of Commerce indicate that the largest trade deficits in 2024 are with China, the European Union, Mexico, Vietnam, Germany, Japan, Canada, India and others.
In addition, the Office of the US Trade Representative has prepared a report with 21 countries of "special interest". It includes members of the G-20, as well as economies such as Australia, Brazil, Russia, Saudi Arabia, the United Kingdom, Turkey and South Korea.
All countries are in Trump's sights
The White House has not given an official comment on the new tariffs or which countries fall into the "dirty 15". However, in a statement on Sunday, Trump added to the ambiguity by saying that "reciprocal tariffs" they won't just affect 10 or 15 countries, they will affect everyone.
"You start with all countries," he told reporters aboard Air Force One.
The effect on global trade
The expected tariffs would be the latest move in Trump's aggressive trade policy. So far, he has imposed:
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Tariffs on imports from China
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Tariffs on Canadian and Mexican goods
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Tariffs on steel and aluminum imports
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Tariffs on foreign cars and key parts
Additional tariffs are set to be imposed on the pharmaceutical sector.
Tomorrow's announcement is expected to provoke mixed reactions worldwide, with some countries likely to retaliate against American goods.