President Trump announced on Sunday that the reciprocal tariffs he plans to unveil this week will apply to all nations, not just a smaller group of 10 to 15 countries with the largest trade imbalances. Trump, who has promised to reveal the massive tariff plan on Wednesday, has dubbed the day “Liberation Day.”
While White House economics adviser Kevin Hassett recently told Fox Business that the administration’s focus would be on countries with the worst trade imbalances, Trump clarified aboard Air Force One that the tariffs would start with “all countries.” Trump believes tariffs protect the domestic economy from unfair competition and serve as leverage for better trade terms.
He has already imposed tariffs on aluminum, steel, autos, and all goods from China. In February, Trump signed a memorandum directing trade officials to develop country-specific countermeasures. Last week, he indicated that some tariffs might be set at lower rates than those charged by other nations, suggesting a potential adjustment to his initial plans.
