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President Trump is set to unveil his most expansive tariffs to date on Wednesday afternoon, when he will detail potentially punishing levies on countries around the globe, including America’s largest trading partners.
Mr. Trump has promised for months to impose what he calls “reciprocal” tariffs, which the president says will correct years of “unfair” trade in which other countries have been “ripping off” America.
“We helped everybody, and they don’t help us,” Mr. Trump said on Monday.
Exactly how he plans to structure the new tariffs is not yet clear. The White House press secretary said Tuesday afternoon that Mr. Trump had decided on a course of action and that the new tariffs would go into effect immediately, but that he and his trade advisers were continuing to hash out details.
The president has talked about basing a new tariff rate for countries on the tariffs they place on American products, as well as other trading practices that the Trump team deems unfair.
Mr. Trump is scheduled to announce his tariff moves at 4 p.m. in a ceremony in the White House Rose Garden.
Economists say that since tariffs raise prices for imported products and manufacturing inputs, they can slow the economy. The prospect of tariffs has stoked turmoil in stock markets and among major companies, which often depend on international supply chains for parts and products.
Trump administration officials have also insisted that foreign companies will pay the cost of the tariffs for the privilege of selling into the American market, but both economists and industry executives say importers are likely to pass some of the tariff cost on to consumers instead.
Analysts at Goldman Sachs said in a recent note that expectations of higher tariffs had caused them to lift their year-end inflation forecast, lower their economic growth projections for 2025, and raise their expectations for unemployment this year.
Many industries have also been pushing back against the tariff plans.
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