The global trade landscape is bracing for a major shift as U.S. President Donald Trump prepares to announce a set of reciprocal tariffs on April 2, a day now being dubbed ‘Liberation Day’, as reported by Financial Express. These tariffs will take effect immediately upon announcement, sparking concerns worldwide.

Ahead of this move, the White House has criticized India for imposing a 100% tariff on U.S. agricultural products, pointing to similar trade barriers imposed by the European Union, Japan, and Canada. This has heightened India's anticipation regarding the upcoming policy change.

According to a report by The Washington Post, Trump and his team have devised a plan to introduce a 20% tax on most goods imported into the U.S. The report further suggests that revenue generated from these tariffs could potentially be redistributed to American citizens in the form of tax refunds or dividends.

Trump’s ‘Liberation Day’ Tariff Announcement: Timing, Venue & Consequences

As per Financial Express, Trump is expected to unveil the new tariff policy from the Rose Garden of the White House. While the exact event schedule remains unclear, U.S. Treasury Secretary Scott Bessent has indicated that the announcement will take place at 4 PM Washington time on April 2, which corresponds to 1:30 AM IST.

The impact of these tariffs is expected to be significant. U.S. businesses that rely on imported goods will be directly affected, particularly if the new taxes are enforced immediately. White House spokesperson Karoline Leavitt hinted at this possibility during a press briefing on Tuesday.

A report by BBC highlights that higher tariffs could prompt businesses to seek alternative ways to manage costs. Some companies may explore different suppliers, negotiate cost-sharing with business partners, or pass the burden onto consumers through increased prices. However, this approach carries risks—if prices rise too sharply, consumer demand may decline, potentially triggering an economic slowdown.

This move could have widespread consequences, not just for the U.S. economy but also for global markets. Experts warn that escalating trade tensions could contribute to a global recession, impacting businesses and consumers alike.

As the world watches closely, the coming hours will determine the extent of the impact and how businesses and governments respond to Trump's latest economic maneuver.