White House signals 20% global tariffs, sources say

(Web Desk): The White House warned on Monday that countries engaged in what it considers "unfair" trade practices with the United States could soon face tariffs.

In a press briefing, White House spokesperson Karoline Leavitt announced that President Donald Trump would reveal his tariff plan on Wednesday.

"Any country that has treated Americans unfairly should expect tariffs in return," Leavitt said, stressing that the Trump administration is committed to fairer trade. She did not provide more details but said that Wednesday’s press conference would outline the administration’s plan to fix trade imbalances. 

Leavitt explained that the tariffs aim to protect American workers and end practices harmful to the US economy. "Wednesday will be Independence Day for America," she said. "President Trump is doing this for American workers."

The spokesperson also emphasized that high tariffs from other countries are unfair to the US, and the country should impose similar tariffs in return. When asked if any industries, like farming, would be exempt from the tariffs, Leavitt responded, "There are no exemptions at this time." She also mentioned the possibility of "alternative tariffs," suggesting the administration might adapt its strategy.

President Trump has warned that the tariffs could lead to global economic instability, but he also promised that he would be "very kind" to trading partners when unveiling the new measures. He has repeatedly stated that the US has been "ripped off by every country in the world," and his tariffs aim to correct these unfair trade imbalances. Trump called the tariffs "Liberation Day" for the US, but reassured reporters that he would be "relatively kind."

Critics, however, argue that the tariffs could lead to a global trade war, prompting countries like China, Canada, and the European Union to retaliate. In response, China, South Korea, and Japan have decided to strengthen trade relations with each other. Trump said he wasn't concerned that his actions would push allies closer to China, mentioning that a potential deal on TikTok could be tied to China tariffs.

The announcement of the new tariffs has caused uncertainty in global markets. Major European and Asian stock markets closed lower, while the Dow Jones and S&P 500 managed small gains. The market’s nervousness grew after Trump stated that his tariffs would apply to "all countries."

According to the Wall Street Journal, Trump’s advisers have discussed imposing global tariffs of up to 20% on nearly all US trading partners. Trump has remained vague about the details, only saying that his tariffs would be "far more generous" than those already in place.