When do Trump's tariffs go into effect? What to know as president eyes expanded policies
President Donald Trump is gearing up for a big tariff expansion this week after previous trade policies placed on neighboring countries Canada and Mexico had been shelved.
Wednesday, April 2, is what Trump has dubbed "Liberation Day," when he is expected to enact a series of new reciprocal tariffs. Though details surrounding his upcoming policies remain unclear, Trump has promoted his Wednesday tariff announcement as "the big one."
Trump has already targeted the U.S.'s biggest trade partners with touch-and-go tariffs as he pushes them to help more with U.S. border security and the flow of illegal substances into the country. A tariff is a tax on imports paid by businesses, and experts generally agree it raises prices for consumers and slows the economy.
Here is an overview of the regulations slated to go into effect Wednesday:
Trump promotes April 2 as 'Liberation Day'
Trump is expected to announce on Wednesday reciprocal tariffs that could impact countries across the world, with a focus on the biggest contributors to the U.S. trade deficit.
Trump will introduce the tariffs at a 4 p.m. White House Rose Garden "Make America Wealthy Again" event on Wednesday.
White House Press Secretary Karoline Leavitt said the tariffs would go into effect immediately, while collections begin Thursday.
Exemption to Canada, Mexico import tariffs expire April 2
Back in February, Trump announced a 25% tariff on goods from Mexico and Canada, two top trade partners and allies. After talks with their respective leaders, who promised to help more with border security, he delayed their start for a month.
The first extension was up at the beginning of March, and the tariffs went into effect. But Trump walked back some of the regulations in the following days.
On March 6, Trump announced a subset of goods covered in the United States-Mexico-Canada Agreement (USMCA) would get another 30-day extension. Canadian energy and potash, a fertilizer ingredient, also face a lower rate of 10%.
But the exemption for goods under USMCA, which account for about 38% of imports from Canada and 50% from Mexico, was only extended for a month.
The exemption expires April 2, as Paste BN reported at the time.
Auto import tariffs go into effect April 2
Trump said a 25% tariff on imported passenger vehicles, light trucks and some auto parts is set to go into effect on Wednesday, April 2 and will begin to be collected on Thursday, April 3.
It will apply to passenger vehicles, including sedans, SUVs, crossovers, minivans, cargo vans, light trucks, and key automotive parts, including engines, transmissions, powertrain parts and electrical components.
Importers under the USMCA will only need to pay the tariff for the foreign parts that make up the vehicles.
Tariffs on China, steel
In addition to the moving target tariffs on Canadian, Mexican and auto imports, Trump has also imposed 10%-20% tariffs on Chinese imports and a 25% tariff on steel and aluminum imports.
Contributing: Joey Garrison, James Powel and Greta Cross, Paste BN
Kinsey Crowley is a trending news reporter at Paste BN. Reach her at kcrowley@gannett.com. Follow her on X and TikTok @kinseycrowley or Bluesky at @kinseycrowley.bsky.social.