Trump's 'Liberation Day' arrives as he takes a bold gamble with his risky tariff policy.
He will unveil the tariffs at 4 p.m. from the White House Rose Garden.
On Wednesday, President Donald Trump will announce a sweeping set of "reciprocal tariffs" on imports from the White House Rose Garden, a key component of his "America First" agenda.
The long-anticipated move, which Trump has repeatedly referred tOn Wednesday, President Donald Trump will announce a sweeping set of "reciprocal tariffs" on imports from the White House Rose Garden, a key component of his "America First" agenda.
The long-anticipated move, which Trump has repeatedly referred to as "Liberation Day," aims to reduce U.S. reliance on foreign goods. "We're going to be getting back a lot of the wealth that we so foolishly gave up to other countries," he has said.
"April 2, 2025, will go down as one of the most important days in modern American history," White House press secretary Karoline Leavitt told reporters on Tuesday.
But it's a high-stakes political risk for Trump, whose return to the White House was largely driven by his pledge to improve the economy.
But it's a significant political gamble for Trump, whose return to the White House was largely driven by his pledge to strengthen the economy.
However, some economists warn that his policies could push the economy into a recession, and markets fluctuated ahead of Wednesday’s announcement, scheduled for 4 p.m. ET, after the trading day ends.
The White House has remained tight-lipped about specifics ahead of Wednesday’s announcement, confirming only that the tariffs will take effect immediately upon being unveiled.
According to ABC News Senior White House Correspondent Selina Wang, options discussed in recent weeks included a flat 20% tariff on all imports, varying tariff rates based on other countries’ levies on U.S. goods, or targeted tariffs on roughly 15% of nations with the largest trade imbalances with the U.S.
Trump was still meeting with his tariff team on Tuesday to finalize the details, White House press secretary Karoline Leavitt said, emphasizing that they were “perfecting” the policy to ensure it is “a perfect deal for the American people and the American worker.”
Since taking office, Trump has imposed tariffs on specific products, including steel and aluminum, as well as certain goods from China, Canada, and Mexico.
These measures have strained ties with two key allies and neighbors, Canada and Mexico. Last week, Canadian Prime Minister Mark Carney declared that the long-standing economic, security, and military relationship between the U.S. and Canada was effectively over.
Canada has pledged to impose retaliatory tariffs, while Mexico has stated it will announce its response later this week. The European Union has also warned of a "strong plan to retaliate."
Despite this, Trump and administration officials are pressing forward, insisting that the U.S. has been unfairly "ripped off" by other countries for years and that it's time for reciprocal action.
"It's simple: if you make your product in America, you will pay no tariffs," Leavitt said on Tuesday.
The economy was the primary concern for voters in the 2024 presidential election, with many blaming President Joe Biden for rising prices, while Trump vowed to provide financial relief for American families.
The administration has framed tariffs as a cure-all for the economy, arguing that any short-term pain will be outweighed by significant long-term gains in manufacturing, job creation, and government revenue.
However, it remains unclear how much patience the public will have with Trump’s strategy, especially after he referred to the potential disruptions as “a little disturbance.”
Just over two months into Trump’s second term, polls indicate that his handling of the economy is facing resistance. A recent Associated Press-NORC Center for Public Affairs Research survey revealed that 58% of Americans disapprove of Trump’s economic policies.
On his protectionist trade Approach, 60% of Americans expressed disapproval, making it his weakest issue in the poll, even among Republicans.
Trump's GOP allies in Congress have voiced support for the president, though they acknowledged some uncertainty at the outset.
“It may be rocky in the beginning, but I think this will make sense for Americans and it will help all Americans,” House Speaker Mike Johnson said during his weekly press conference with other Republican leaders.
Rep. Rich McCormick, a Georgia Republican, told ABC News Correspondent Jay O'Brien, “You're going to see prices shift. We're accountable to the American people. We represent them, and if they're speaking loud enough. I think the president has been very good at reacting to the public."Senate Democrats were planning to push for a vote aimed at limiting Trump’s authority to impose tariffs on Canada.
During a press conference on Tuesday, Minority Leader Chuck Schumer, joined by other Democrats, criticized Trump’s recent statement that he "couldn’t care less" if foreign automakers raise prices due to the tariffs, which are set to take effect on Wednesday.
"America, you hear that? Donald Trump says he couldn’t care less if you pay more," Schumer remarked.
Sen. Tim Kaine, a Virginia Democrat, also weighed in, saying, "The president has justified these tariffs based on what I believe is a made-up emergency."
o as "Liberation Day," aims to reduce U.S. reliance on foreign goods. "We're going to be getting back a lot of the wealth that we so foolishly gave up to other countries," he has said.
"April 2, 2025, will go down as one of the most important days in modern American history," White House press secretary Karoline Leavitt told reporters on Tuesday.
But it's a high-stakes political risk for Trump, whose return to the White House was largely driven by his pledge to improve the economy.
But it's a significant political gamble for Trump, whose return to the White House was largely driven by his pledge to strengthen the economy.
However, some economists warn that his policies could push the economy into a recession, and markets fluctuated ahead of Wednesday’s announcement, scheduled for 4 p.m. ET, after the trading day ends.
The White House has remained tight-lipped about specifics ahead of Wednesday’s announcement, confirming only that the tariffs will take effect immediately upon being unveiled.
According to ABC News Senior White House Correspondent Selina Wang, options discussed in recent weeks included a flat 20% tariff on all imports, varying tariff rates based on other countries’ levies on U.S. goods, or targeted tariffs on roughly 15% of nations with the largest trade imbalances with the U.S.
Trump was still meeting with his tariff team on Tuesday to finalize the details, White House press secretary Karoline Leavitt said, emphasizing that they were “perfecting” the policy to ensure it is “a perfect deal for the American people and the American worker.”
Since taking office, Trump has imposed tariffs on specific products, including steel and aluminum, as well as certain goods from China, Canada, and Mexico.
These measures have strained ties with two key allies and neighbors, Canada and Mexico. Last week, Canadian Prime Minister Mark Carney declared that the long-standing economic, security, and military relationship between the U.S. and Canada was effectively over.
Canada has pledged to impose retaliatory tariffs, while Mexico has stated it will announce its response later this week. The European Union has also warned of a "strong plan to retaliate."
Despite this, Trump and administration officials are pressing forward, insisting that the U.S. has been unfairly "ripped off" by other countries for years and that it's time for reciprocal action.
"It's simple: if you make your product in America, you will pay no tariffs," Leavitt said on Tuesday.
The economy was the primary concern for voters in the 2024 presidential election, with many blaming President Joe Biden for rising prices, while Trump vowed to provide financial relief for American families.
