At a “Make America Wealthy Again” ceremony tomorrow (~6am AEDT) United States President Donald Trump is set to formally announce a series of so-called ‘reciprocal’ tariffs on America's global trading partners, which he says will “restore fairness, free the country from a dependence on foreign goods and stimulate the economy”.
Yet the president’s allies and critics alike fear the new levies will plunge weary consumers into a new wellspring of economic uncertainty - and possibly a recession.
According to Politico, some Republicans are on edge about losing their narrow congressional majority in the midterms, fearing the levies are likely to damage the president’s and the party’s popularity because of inflation.
GOP lawmakers also worry privately that another round of tariffs will raise prices for U.S. consumers, cripple American farmers and rattle the stock market.
In the crosshairs, U.S. Commerce Secretary Howard Lutnick - who's perhaps the biggest proponent of ”Liberation Day” - may well be liberated from his role in the administration, according to half dozen people close to the White House.
How 'bout that weather?
U.S. press secretary Karoline Leavitt addressed reporters on the White House lawn ahead of the looming tariff announcement.
“My understanding is that the tariff announcement will come tomorrow. They will be effective immediately,” press secretary Karoline Leavitt told reporters.
“The president has been teasing this for quite some time [and] on Wednesday it will be Liberation Day in America as President Trump has so proudly dubbed it.
"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.
“He's doing this in the best interest of the American worker.”
