President Donald Trump to Announce New Tariff Policy Today, Calling It "Liberation Day"

President Donald Trump to Announce New Tariff Policy Today, Calling It "Liberation Day"

Washington: U.S. President Donald Trump is set to announce new tariffs today, which he has referred to as "Liberation Day." However, economists have warned that these tariffs could drive up consumer prices.

The White House has announced that the Trump administration will impose "reciprocal tariffs" on nearly all major trading partners. This means that countries imposing tariffs on American products will face the same tariffs on their imports to the U.S.

In particular, a 25% tariff on foreign cars and auto parts has been decided, which will take effect at midnight tonight.

White House Press Secretary Karoline Leavitt said, "These tariffs will boost American manufacturing, reduce the trade deficit, and protect our national security."

What will be the impact of the new tariffs?

The increase in tariffs could raise the price of imported cars, which would result in additional costs for regular American citizens. Several automobile companies have already announced price hikes for their cars.

Economists and business organizations believe that the new tariff system will increase product prices in the American market, forcing consumers to buy at higher prices.

Leaders of taxpayer and business organizations in the U.S. have sent letters to Congress and the administration, warning that this tariff system will increase production costs and create market instability.

Criticism and Response

Criticizing the new tariff plan, several organizations, including the National Taxpayers Union and the Small Business Council, have said, "This tariff policy contradicts the U.S.'s long-term economic goals. It will increase production costs and weaken market competitiveness."

On the other hand, Trump dismissed this criticism, stating in an interview with NBC News, "I don't care if car prices go up, because people will start buying American-made cars."

Time and Broadcast of the Tariff Announcement

Trump will deliver a speech titled "Making America Wealthy Again" at 4 p.m. today at the White House Rose Garden, where he will provide details of the new tariff plan. The announcement will be broadcast live on CBS News’ mobile app and online channel.

There are still differing opinions among analysts about the impact of Trump’s decision in the global trade and economic context. However, for now, this signals an uncertain time ahead for ordinary American consumers.