US to Impose Country-Specific Tariffs on April 2
The United States is set to present each of its trading partners with a specific tariff “number” on April 2, reflecting what Washington believes to be their trade barriers, US Treasury Secretary Scott Bessent announced on Tuesday.
President Donald Trump has pledged to implement reciprocal tariffs on both allies and rivals from that date, though details of the plan remain undisclosed.
“Each country will receive a number that we believe represents their tariffs,” Bessent told Fox Business, adding that the assessment includes non-tariff barriers, currency manipulation, unfair funding, and labor suppression.
Bessent hinted that some countries may avoid immediate tariffs if they negotiate agreements or modify trade practices before the deadline. “Some duties may not have to go on because a deal is pre-negotiated,” he explained.
Trump has described April 2 as “Liberation Day for America,” vowing to reclaim economic wealth lost through unfavorable trade practices.
Concerns over the tariff plan’s economic impact have rattled financial markets, but Bessent downplayed recession fears. “The underlying economy is healthy,” he said, though he acknowledged a potential “pause” as the US moves away from high government spending.
The Trump administration views tariffs as a tool to boost domestic manufacturing, particularly in industries like steel and aluminum. Bessent also noted that revenue from these tariffs would help offset the government deficit.
In addition to tariffs, Washington is working with Congress on outbound investment regulations to prevent American capital from benefiting foreign competitors.
