President Trump is set to announce his anticipated reciprocal tariff policies at 4 pm ET from the White House Rose Garden, with details still largely unknown as of the announcement. Past discussions have included potential tariffs on copper, lumber, and pharmaceuticals, and Trump has indicated plans for tariffs that match foreign levies on U.S. products. Notably, a new 25% tariff on imported cars will take effect just after midnight. General Motors reported a 16% increase in Q1 sales, suggesting consumer purchasing may be driven by the impending price hikes. While tariff policies are expected to raise consumer prices, they could also slow business growth and increase the chance of a recession, with analysts raising estimates from 20% to 35%. Critics, including some Republicans, warn that this could delay domestic manufacturing returns and harm consumer spending. As Trump prepares for his announcement, some lawmakers have begun efforts to block the tariffs, particularly against Canada, prompting Trump to criticize them as disloyal.

Source 🔗