Trump announces 25% tariff on all foreign automakers as he begins ‘liberation day’ event

Trump Tariffs Announcement News Live Updates: US President Donald Trump is set to introduce a new wave of “Liberation Day” tariffs, which will take effect immediately after his announcement on Wednesday (April 02), White House Press Secretary Karoline Leavitt confirmed. These new tariffs might escalate tensions with America’s allies. 

However, economists have warned the move could spark a global trade war and weaken the economies. 

A tariff is a government-imposed tax on goods imported from other countries. While these levies are meant to make foreign products less competitive, the reality is that the costs often get passed along the supply chain.

The tariff hike is expected to be the largest unilateral increase since the Cuban embargo of the 1950s.

The US president is scheduled to announce the new set of tariffs at 4 pm (local time) on Wednesday, which as per  Eastern Time or India time falls at 1.30 am on Thursday (April 2). The event called ‘Make America Wealthy Again’ will be held at the White House Rose Garden. Immediately after the announcement by trump, the reciprocal tariffs will come into effect.

All major channels like Fox News, CNN, and CNBC will provide live coverage of the event, along with streaming platforms. It will also be live streamed on the official website of the White House.