Trump tariff: Donald Trump appears in Rose Garden to unveil reciprocal tariffs

US President Donald Trump has arrived to unveil reciprocal tariffs on April 2, which will have an immediate impact on nearly all countries worldwide. Trump has referred to the upcoming US tariff measures as being introduced on America's "Liberation Day," with the aim of boosting the US economy. Treasury Secretary Scott Bessent confirmed that the President will announce the tariffs in the Rose Garden of the White House at 4 pm Washington time on April 2, which translates to 1:30 am IST on April 3 in India.

During midday trading, US stocks experienced a gradual increase before slightly dipping from their highest points. Despite this, they managed to maintain their gains as afternoon trading progressed. Concurrently, oil prices saw a slight increase on Wednesday in anticipation of an impending announcement, keeping market participants on edge.

The White House had earlier stated that President Trump will be implementing new tariffs on Wednesday. However, the details regarding the extent of these trade barriers have not been disclosed, causing concern among businesses, consumers, and investors about the potential escalation of a global trade conflict. According to White House spokesperson Karoline Leavitt, reciprocal tariffs on nations imposing duties on American goods will be implemented once President Trump makes the announcement. Additionally, a 25% tariff on imported automobiles is scheduled to be enforced on April 3rd.

India has frequently come under scrutiny by US President Donald Trump for implementing higher tariffs, leading to apprehensions about the potential repercussions of America's upcoming reciprocal plan on Indian trade and commerce, which is expected to be revealed soon.

Despite Trump's repeated accusations of India being a "tariff abuser", particularly in the agriculture and automotive sectors, New Delhi has been placing its hopes on the ongoing trade negotiations with the US in order to secure a more favorable position for the country in relation to America's Fair and Reciprocal Plan.