Trump to Announce New Tariff Policies at 4 PM ET Today
President Trump will announce reciprocal tariff policies today at 4 PM ET from the White House. Key points include:
- Details of the tariffs remain unclear, but past mentions include copper, lumber, and pharmaceuticals.
- Trump plans to impose tariffs equal to levies placed by other countries on US imports.
- The new tariffs will take effect immediately, with a 25% tariff on imported cars starting tonight and on auto parts in May.
- S&P Global estimates that 46% of cars sold in the US in 2024 will be imported.
- General Motors reported Q1 sales up over 16% compared to last year, indicating potential preemptive purchases before price increases.
- Goldman Sachs has raised its recession probability from 20% to 35% due to expected business slowdowns from tariffs.
- Critics argue the tariffs may harm consumer spending and long-term economic growth.
- Some lawmakers, including Mitch McConnell, are actively opposing Trump's Canadian tariffs, which he links to fentanyl trafficking concerns.
Further developments on Congressional responses are anticipated following today's announcement.