President Donald Trump is set to announce new tariffs on auto imports on Wednesday, according to the White House. The announcement will take place during a press conference in the Oval Office at 4 p.m. ET, as stated by White House press secretary Karoline Leavitt. Trump had previously hinted that these auto tariffs might be introduced before April 2, the date his broader ‘reciprocal tariff’ plan is scheduled to commence. Stocks dropped to session lows following the announcement of the new tariff plans. Trump has consistently indicated his intention to impose significant tariffs on foreign trading partners. However, his unpredictable and often shifting policy announcements have caused unrest in the stock market and left business leaders uncertain about future planning. Although April 2 was initially described as ‘liberation day’ and ‘the big one,’ recent suggestions from Trump and his officials indicate that the tariffs may be less severe than initially anticipated. There will be flexibility in these tariffs, and countries can pre-negotiate with the U.S. to avoid facing new tariffs on April 2. — news from CNBC
