Australian news and politics recap April 3: Anthony Albanese falls off stage on campaign trail in NSW
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Key Events
‘Nobody knows the details’: Trump’s secret plan
Mr Trump, who once called the word tariff the “most beautiful word in the dictionary,” has said his reciprocal plans would match US rates with higher levels charged by other countries and counteract their non-tariff barriers that he says disadvantage US exports.
Mr Trump’s trade adviser Peter Navarro said the car tariffs would return strategically vital manufacturing capabilities to the United States.
“This isn’t protectionism. It’s restoration,” he wrote in USA Today.
Doug Ford, premier of the Canadian province of Ontario, said he was not sure whether Trump officials understood the US car industry’s supply chain system, which is tightly linked with other countries.
“This is the most ridiculous thing I have ever seen,” he said on CNBC.
Outside economists have warned that tariffs could slow the global economy, raise the risk of recession and increase living costs for the average US family by thousands of dollars.
Businesses have complained that Mr Trump’s barrage of threats has made it difficult to plan their operations.
“I can’t recall a situation where the stakes were this high and yet the outcome was so unpredictable,” Steve Sosnick, chief strategist at Interactive Brokers, said.
“The devil is going to be in the details and nobody knows the details.”
World waits as Trump set to announce US tariffs
US President Donald Trump has proclaimed “Liberation Day” in the United States as he prepares to impose tariffs that could escalate trade disputes with global partners, increase prices and upend a decades-old trade order.
Mr Trump has kept the world guessing on the details of the tariff plans, which were still being formulated ahead of a White House Rose Garden announcement ceremony scheduled for 4pm ET on Wednesday (7am AEDT on Thursday).
A person familiar with the administration’s deliberations said the tariffs are expected to be significant and would hit a wide range of countries, including close allies.
The new duties, which would undo trade arrangements in place since 1947, are due to take effect immediately after Mr Trump announces them.
A separate 25 per cent global tariff on car imports will take effect on April 3.
But the White House has not yet published an official notice of either set of tariffs, as it is required to do before they take effect.
“IT’S LIBERATION DAY IN AMERICA!” Mr Trump wrote on his social media platform.
Welcome to Donald Trump’s ‘Liberation Day’
Happy “Liberation Day” to those who celebrate it.
US President Donald Trump will shortly announce sweeping tariffs that will impact the global economy.
Mr Trump will make the announcement himself from the Rose Garden at the White House.
The US President will front up at 4pm local time (7am AEDT/ 4am AWST).
Stay up to date with The Nightly’s special coverage of Donald Trump’s “Liberation Day” here.
