US President Donald Trump’s new tariffs will take effect immediately after their announcement on April 2, White House press secretary Karoline Leavitt confirmed on Tuesday.
“They will be effective immediately, and the president has been teasing this for quite some time,” Leavitt told reporters.
Trump’s planned tariffs mark a stark departure from his first term, during which he imposed duties on $380 billion worth of imports. Now, he appears set on a more expansive approach.
“You’d start with all countries, so let’s see what happens,” Trump had said on Sunday.
With key details still uncertain, investors and businesses remain on edge. Analysts suggest Trump could adjust the tariffs in response to pressure from foreign leaders and economic fallout. But for now, the White House insists the plan is moving forward without hesitation.
Leavitt said, “It is going to work, and the president has a brilliant team of advisers who have been studying these issues for decades, and we are focused on restoring the golden age of America and making America a manufacturing superpower.”.
The tariffs, which Trump will unveil in a 4 pm (local time) Rose Garden event, are expected to be his most aggressive move yet in reshaping global trade. However, many details remain unclear.
The White House has not disclosed the exact scope of the tariffs, but Trump’s economic advisers have floated various possibilities, including a 20% levy on all imports. Treasury secretary Scott Bessent has suggested targeting the "Dirty 15"—the 15 countries with which the US has the largest trade deficits.
Leavitt also downplayed concerns over market volatility, saying, “Like they were in his first term, Wall Street will be just fine.” But investor fears have already triggered a stock selloff in recent weeks, and economists warn that a broad tariff regime could trigger a recession.
Moody’s Analytics chief economist Mark Zandi estimated that if Trump imposes universal 20% tariffs, it could wipe out 5.5 million jobs, push unemployment to 7%, and shrink US GDP by 1.7%. “If that happens, we get a serious recession. It’s a wipeout for the economy,” CNN quoted Zandi.
The new trade barriers have already sparked global backlash. Canadian Prime Minister Mark Carney vowed retaliation and said, “We will not disadvantage Canadian producers and Canadian workers relative to American workers”.
Other trading partners have also warned of countermeasures, while some, like India, are still negotiating with the US in hopes of avoiding the tariffs.
“They will be effective immediately, and the president has been teasing this for quite some time,” Leavitt told reporters.
Trump’s planned tariffs mark a stark departure from his first term, during which he imposed duties on $380 billion worth of imports. Now, he appears set on a more expansive approach.
“You’d start with all countries, so let’s see what happens,” Trump had said on Sunday.
With key details still uncertain, investors and businesses remain on edge. Analysts suggest Trump could adjust the tariffs in response to pressure from foreign leaders and economic fallout. But for now, the White House insists the plan is moving forward without hesitation.
Leavitt said, “It is going to work, and the president has a brilliant team of advisers who have been studying these issues for decades, and we are focused on restoring the golden age of America and making America a manufacturing superpower.”.
The tariffs, which Trump will unveil in a 4 pm (local time) Rose Garden event, are expected to be his most aggressive move yet in reshaping global trade. However, many details remain unclear.
The White House has not disclosed the exact scope of the tariffs, but Trump’s economic advisers have floated various possibilities, including a 20% levy on all imports. Treasury secretary Scott Bessent has suggested targeting the "Dirty 15"—the 15 countries with which the US has the largest trade deficits.
Leavitt also downplayed concerns over market volatility, saying, “Like they were in his first term, Wall Street will be just fine.” But investor fears have already triggered a stock selloff in recent weeks, and economists warn that a broad tariff regime could trigger a recession.
Moody’s Analytics chief economist Mark Zandi estimated that if Trump imposes universal 20% tariffs, it could wipe out 5.5 million jobs, push unemployment to 7%, and shrink US GDP by 1.7%. “If that happens, we get a serious recession. It’s a wipeout for the economy,” CNN quoted Zandi.
The new trade barriers have already sparked global backlash. Canadian Prime Minister Mark Carney vowed retaliation and said, “We will not disadvantage Canadian producers and Canadian workers relative to American workers”.
Other trading partners have also warned of countermeasures, while some, like India, are still negotiating with the US in hopes of avoiding the tariffs.
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