Trump to unveil tariff plans on April 2: What to know

WASHINGTON - Beginning April 2, President Donald Trump has plans to reveal reciprocal tariffs on certain sectors, but has softened his approach, saying that while he wants to charge reciprocal rates, the U.S. "might be even nicer than that."

The Trump administration has argued that these tariff actions will help revive domestic manufacturing and create more jobs for the United States, despite warnings from economists about potentially worsening inflation and hindering growth.  

Trump’s tariff plans

FILE - US President Donald Trump walks on the South Lawn of the White House after arriving on Marine One in Washington, DC, US, on Saturday, March 22, 2025. (Stefani Reynolds/Bloomberg via Getty Images)

Trump has deemed April 2 as "LIBERATION DAY."

"For DECADES we have been ripped off and abused by every nation in the World, both friend and foe. Now it is finally time for the Good Ol' USA to get some of that MONEY, and RESPECT, BACK. GOD BLESS AMERICA!!!" Trump wrote on Truth Social.

Not all levies would be imposed on April 2 and some countries may actually get breaks, but one White House official confirmed the president is going full-steam ahead on his plans for reciprocal tariffs.

What they're saying:

"The president is determined to implement reciprocal tariffs that are very strong. People should expect that," White House officials told Reuters on Monday.

The backstory:

In February, Trump indicated that additional countries such as India and European countries won’t be spared from higher tariffs.

What they're saying:

The president is abandoning the free trade policies the United States pursued for decades after World War II. He argues that open trade costs America millions of factory jobs and that tariffs are the path to national prosperity. He rejects the views of mainstream economists who contend that such protectionism is costly and inefficient.

Import taxes are "a very powerful weapon that politicians haven’t used because they were either dishonest, stupid or paid off in some other form," Trump said earlier this month. "And now we’re using them."

Why you should care:

Experts say consumers and businesses will be the hardest hit. Companies big and small will face higher costs on the goods they buy from other countries — and could have little recourse but to hike prices themselves. For consumers, that will likely mean more expensive price tags on everything from cars, appliances and other big-ticket items to smaller, everyday purchases including electronics, gasoline and groceries.

RELATED: Tariffs will increase car insurance costs faster, analysis finds

What tariffs have been imposed so far? 

Dig deeper:

So far, the president has imposed 20% tariffs on Chinese imports, 25% on global steel and aluminum imports and 25% tariffs on imports from Canada and Mexico that don’t comply with a North American trade agreement over the U.S. fentanyl crisis.

What's next:

Trump is expected to impose tariffs on semiconductors, pharmaceuticals, autos and copper imports as well.

On Monday, the president also said he’d be placing a 25% tariff on all imports from any country that buys oil or gas from Venezuela, as well as imposing new tariffs on the South American country itself.