President Donald Trump is planning on implementing major tariffs this week on imports into the United States, sparking concerns about potential price hikes for consumers.
The tariffs, if they go into effect aren’t delayed further, will be implemented on April 2, after being delayed for months after Trump first threatened them.
“For DECADES we have been ripped off and abused by every nation in the World, both friend and foe. Now it is finally time for the Good Ol’ USA to get some of that MONEY, and RESPECT, BACK. GOD BLESS AMERICA!!!” Trump said in a post earlier this month on Truth Social.
Last week, Trump announced plans to issue 25% tariffs on foreign-made vehicles and auto parts that are imported to the United States. However, more taxes are expected, as Trump has said that his April 2 tariff announcement is “the big one,” suggesting that he may issue taxes that are greater than what he’s previously promised.
So, what other imports might soon be taxed coming into the U.S.?
“That’s Liberation Day, that’s gonna be on the 2nd, and that’s gonna be reciprocal, and I think people will be impressed,” the president said on Wednesday about the impending tariffs.
The size and scope of Trump’s reciprocal tariffs are still unknown, but Treasury Secretary Scott Bessent said that they would target countries with the biggest trade surpluses. Other countries that could be tariffed include those who have imposed the highest tariffs plus non-tariff trade barriers on goods coming from the U.S.
Among the countries that have large annual trade surpluses with the U.S. include China, Ireland, Italy, Germany, Vietnam, Japan, and Taiwan.
“It’ll be in many cases less than the tariff that they’ve been charging us for decades ... I think we’re trying to keep it somewhat conservative,” Trump said.
Trump added that he would be introducing reciprocal tariff policies on “all countries,” but noted that he would be “very lenient.”
The tariffs known to be going into effect on April 2 are 25% tariffs on Canadian and Mexican imports, which were delayed for two months after the countries began working with Trump.
During an interview that aired on Saturday, Trump discussed his auto tariffs and the potential impact they may have on consumers. He said that he didn’t care if prices rose, as Americans would instead be buying products made domestically.
“I couldn’t care less if they raise prices because people are going to start buying American-made cars,” Trump said. “I couldn’t care less. I hope they raise their prices because if they do, people are gonna buy American-made cars. We have plenty.”