President Donald Trump is set to unveil Wednesday a sweeping tariff plan—nicknamed “Liberation Day” by his team—that could lift U.S. trade duties to levels not seen in decades, disrupting global supply chains and jolting financial markets already wary of geopolitical risk.
In a report published Tuesday, the Washington Post reported that the White House has drafted a proposal to impose tariffs of around 20% on most of the $3 trillion in goods imported annually into the U.S.
The policy, expected to be revealed during a 3:00 p.m. ET Rose Garden ceremony on Wednesday, would introduce a new phase of economic nationalism centered around so-called “reciprocal” tariffs, where the U.S. imposes levies mirroring those of its trading partners.
“The president will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades,” said White House Press Secretary Karoline Leavitt on Monday. “It’s time for reciprocity.”
These new tariffs are expected to generate between $600 billion and $1 trillion in revenue over the next year. That figure implies an effective average tariff rate of 18% to 30%, assuming import volumes remain stable. The average U.S. tariff rate today hovers around 2.5% to 3%.
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