The Blubber

White House aides have drafted plans to impose 20% tariffs on most goods imported into the United States, according to The Washington Post on Tuesday, as President Donald Trump prepares to unveil a sweeping set of trade barriers that have sparked concern among businesses, consumers, and investors about a deepening global trade war.

For weeks, Trump has marked April 2 as “Liberation Day,” the date he intends to implement a wide range of new tariffs that could significantly disrupt global trade. However, he has provided few specifics about the upcoming measures.

On Sunday, Trump said that reciprocal tariffs would be imposed on all countries that currently place duties on U.S. goods. The White House added Monday that any nation deemed to have treated Americans unfairly should expect to face tariffs. Trump also confirmed that a 25% tariff on automobile imports is set to go into effect on April 3.

The president is expected to announce his full tariff plan during a Rose Garden event scheduled for 4 p.m. Eastern Time (2000 GMT) on Wednesday. White House officials have stated that no final decision has yet been made on the scope, scale, or targets of the new tariffs.

According to The Washington Post, officials are considering a broad strategy that would raise tariffs by roughly 20% on goods from nearly every country — a more expansive approach than previously discussed, more targeted options. The administration reportedly believes such a measure could generate more than $6 trillion in revenue, which might be redistributed to Americans in the form of rebates.

A White House aide dismissed any reporting ahead of Wednesday’s announcement as “mere speculation.”

Trump, a Republican, has already implemented tariffs on aluminum and steel and raised duties on all imports from China, escalating tensions with major trading partners.

Canada has promised retaliatory measures. “We will not disadvantage Canadian producers and Canadian workers relative to American workers,” Prime Minister Mark Carney said during remarks in Winnipeg. U.S. businesses have said a growing “Buy Canadian” movement is already making it more difficult for their goods to enter Canadian markets.

Other nations have issued warnings of counter-tariffs as well.

Trump argues that American manufacturers and workers have suffered for decades under free trade agreements that slashed trade barriers and helped fuel the $3 trillion U.S. market for imported goods. But he sees the rise in imports as contributing to a staggering goods trade deficit, which now exceeds $1.2 trillion.