Trump set to unleash ‘Liberation Day’ tariffs that could trigger global trade war

President Trump poised to unveil new tariffs sparking global trade war, keeping details secret until last minute.

U.S. President Donald Trump is poised to unveil sweeping new “Liberation Day” tariffs on Wednesday (April 2, 2025), but kept the world guessing until the last minute about the scope of an onslaught that could spark a global trade war.

Mr. Trump will roll out the measures flanked by cabinet members in the Rose Garden of the White House at 4 p.m. (April 3, 1.30 a.m. IST), after Wall Street markets close, promising that they will stop America being “ripped off” and will deliver a new “golden age” of U.S. industry.

But while Mr. Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the United States, the White House admitted he was still ironing out the details with less than 24 hours to go late Tuesday.

The Republican billionaire has had a long love affair with tariffs, insisting in the face of economic experts that they are a cure-all that will tackle America’s trade imbalances with friends and foes alike.

Critics say that not only will U.S. consumers bear the brunt as importers pass on the cost, but that they could increase the risk of a damaging recession at home and abroad.

Global markets have been jittery for days ahead of Mr. Trump’s announcement, while the countries most likely in the crosshairs have called for talks, even as they ready retaliatory measures.

The move also underscores the growing and profound gulf between Mr. Trump’s America and many of its closest allies, not only on trade but on security, defence and almost everything else.