President Trump decides size of tariffs, still 'perfecting' final plan, White House says
WASHINGTON ― President Donald Trump has made up his mind on the size of upcoming sweeping reciprocal tariffs and is "perfecting" the final details with his economic aides ahead of Wednesday's long-awaited announcement, according to the White House.
Now, Americans and the rest of the world will wait until Wednesday at 4 p.m. EDT for Trump to formally unveil the plan.
“The president said last night he has made a decision and a determination," White House press secretary Karoline Leavitt said at a Tuesday press briefing when asked whether Trump has finalized the tariff rates he will unveil. "I was with him in the Oval Office earlier, and he is going to announce that decision tomorrow."
Trump has billed Wednesday as "Liberation Day" as he unveils tariffs on imports from all countries that impose tariffs on U.S exports.
Leavitt declined to say whether Trump has landed at 20% tariffs for most imports to the U.S., a figure the Washington Post reported White House aides have detailed in a draft proposal.
“He is with his trade and tariff team right now perfecting it to make sure this is a perfect deal for the American people and the American worker,” Leavitt said of the final plans. "You all will all find out in about 24 hours from now."
Leavitt said the tariffs will go into effect immediately. Collections from the duties are expected to begin Thursday.
Trump is waiting until 4 p.m. to announce the tariffs during a Rose Garden ceremony at the White House ‒ a move that will mean the U.S. markets will be closed for the day by the time the tariffs are announced and signed.
Tariffs are taxes on imports that companies typically pass down to customers. Trump has argued steep tariffs are needed to combat the nation's growing trade deficit and boost U.S. domestic manufacturing that has depleted in recent decades.
But most economists worry large-scale reciprocal tariffs ‒ which are likely to trigger retaliatory tariffs from U.S. trading partners ‒ could further hurt a weakening economy, send the stock market plummeting and lead to higher prices for consumers.
Leavitt expressed confidence Trump and his economic team will be proven correct. "They're not going to be wrong. It is going to work," she said. "The president has a brilliant team of advisors who have been studying these issues for decades."
She later added: "You should trust what this president did for you in his first term. He effectively utilized tariffs while driving down inflation."
Leavitt said Trump could potentially negotiate lower tariffs with companies or countries if they change policies, but he aims to end trade imbalances that have gone on for decades.
“Certainly the president is always up to take a phone call, always up for a good negotiation, but he is very much focused on fixing the wrongs of the past.”
Ahead of Wednesday's announcement, leaders of several countries have reached out to the Trump administration to try to negotiate lower tariffs, Leavitt said.
“There is one country the president cares most about: the United States of America," Leavitt said. “If they want to be absolved of that tariff, they can come to the United States of America to do business, bring their jobs here."
Contributing: Bart Jansen. Reach Joey Garrison on X @joeygarrison.