Amid the escalating trade wars initiated by U.S. President Donald Trump, attention is focused on Wednesday. Trump has dubbed April 2 as “Liberation Day” and plans to introduce tariffs on imports from other countries to reduce the U.S.' dependence on foreign goods. These tariffs, termed as "reciprocal," would align with the duties other countries impose on U.S. products.

However, there is still uncertainty surrounding the implementation of these tariffs. White House press secretary Karoline Leavitt announced that Trump would reveal his plans on Wednesday but emphasized that the specific details are to be disclosed by the president himself.

Since assuming office, Trump has displayed a consistent pattern of using tariff threats, which has led to volatility in trade actions. It is probable that there may be further delays or confusion this week.

While Trump asserts that tariffs safeguard U.S. industries, generate revenue for the government, and provide bargaining power with other nations, economists warn that imposing extensive tariffs at the levels suggested by Trump could have adverse effects.

Typically, tariffs lead to increased consumer prices and cause businesses worldwide to face higher costs and reduced sales. The ongoing import taxes, combined with uncertainty about future trade measures and potential retaliatory actions, have already disrupted financial markets and decreased consumer confidence. This has raised concerns that could impede hiring and investment.

Key details about Trump's plans for April 2 are unclear. The reciprocal tariffs could involve duties applied on a product-by-product basis, generalized averages across all goods from each nation, or other methods. The tariff rates may mirror those of other countries, factoring in their value-added taxes and subsidies for local firms.

According to White House trade adviser Peter Navarro, these tariffs could potentially generate $600 billion yearly, suggesting an average rate of 20%. Trump has discussed imposing these levies on countries such as the European Union, South Korea, Brazil, and India. Leavitt mentioned that Trump had been presented with multiple proposals from advisors and that he was not currently considering country-wide exemptions from the tariffs.