Trump poised to unveil more tariffs on Liberation Day heres what to expect

President Donald Trump is poised to impose his most dramatic batch of tariffs yet — and investors, businesses and shoppers worldwide were still in the dark as they braced for “Liberation Day.”It’s still unclear exactly what Trump will announce on Wednesday in the Rose Garden, where the White House says the president will unveil a plan for trade taxes that could unleash seismic effects across the global economy.A key possibility is so-called reciprocal tariffs, which would vary country by country depending on local levies, according to reports.Another proposal that White House aides have drafted is to levy tariffs of roughly 20% on nearly all imports, according to a report.The latter option “would be very much unprecedented” — and would carry a swift impact for businesses consumers alike, Sina Golara, supply chain management professor at Georgia State’s business school, told The Post.

“This will have an almost immediate impact on prices,” Golara said.“At 20%, that could impact trillions of dollars of goods.”If Trump followed through on a broad-based 20% levy, it would cost the average household between $3,400 to $4,200 in lost purchasing power, according to a report from Yale University’s Budget Lab.The White House did not immediately respond to The Post’s request for comment.The tax represents a huge shift from current trade policy, as the US stares down major trade deficits with dozens of nations.Following China and Mexico, Vietnam has the next largest US goods trade deficit at $123.5 billion in 2024 – an 18.1% jump from the year before, according to the World Trade Organization.According to the World Trade Organization’s MFNs, which are standard rates that apply unless countries have other specific trade agreements, the US simple average tariff on Vietnam in 2024 was 3.6% – far below Vietnam’s 9% rate.If the US hiked that rate to 20%, it could spark soaring prices on goods the US gets from Vietnam including electrical machiner...