Trump to announce largest US trade restrictions in century today – Media

The administration’s plans to impose Trump’s so-called reciprocal tariffs have left investors, corporate executives, government officials, and consumers worldwide uncertain about what to expect when he speaks at a White House event at 4:00 p.m.

According to the outlet, discussions on the matter are ongoing, and even the size and scope of the new tariffs have not yet been finalized.

"The Trump administration’s proposed reciprocal tariffs mean different things to different people," wrote Nomura Holdings Inc. chief economist Rob Subbaraman.

He emphasized that while a direct approach would match tariffs imposed by other countries on American goods, "we suspect the criteria for US reciprocal tariffs will be much broader than that, and indeed more difficult to quantify."

Consequences of US trade restrictions

Bloomberg notes that over $33 trillion in global trade is at risk, with countries from Brazil to China potentially facing export reductions to the US ranging from 4% to 90%.

Economists at Goldman Sachs Group Inc. warn that the average US tariff on imports from all countries is likely to rise by 15 percentage points this year. This, in turn, will increase core inflation, weaken economic growth, and heighten the risk of a recession.

US tariffs

US President Donald Trump has repeatedly expressed plans to impose tariffs on goods from European Union countries.

Previously, the Trump administration implemented tariffs on imported steel and aluminum, as well as higher tariffs on automobiles, which are set to take effect on April 3.

The European Union has stated that it has a decisive plan for countermeasures in response to tariffs imposed and planned by President Trump.

However, the EU would prefer to reach a solution through negotiations.