As Donald Trump’s tariffs loom, we answer the big questions: How much, for who, and what’s the likely impact?

United States President Donald Trump is set to unleash new tariffs on April 2, which the 78-year-old has declared “Liberation Day.”

As global economic trade and markets anxiously await Donald Trump's next salvo, we answer the big questions—how much tariff is the US likely to impose, which countries will be in the line of fire, and what's the likely impact?

When Will Donald Trump Announce New Tariffs?

According to the White House, Donald Trump will make his announcement in the Rose Garden at 4 pm local time on April 2. For international viewers, this is 8 pm GMT on April 2, and for Indian viewers, it will be around 1.30 am IST on April 3.

Speaking to reporters, White House Press Secretary Karoline Leavitt said the new tariffs would become effective “immediately” after they roll out on April 2.

What to Expect from Donald Trump's New Tariffs?

It should be noted that neither Donald Trump nor his administration have been explicit about what to expect from this newest tariff announcement. Leavitt told reporters that Trump was meeting his top advisors on the eve of the announcement, “perfecting it to make sure this is a perfect deal”.

According to the White House, the finer points are still being discussed, but the aim would be to tackle what Donald Trump calls “trade imbalances” between the US and other countries.

In past interviews and speeches, Donald Trump has repeatedly emphasised tit-for-tat “reciprocal tariffs.” Speaking at public events, press conferences, and rallies, he promised a “golden age” for American businesses and put a “stop” to being “ripped off”.

Multiple US media reports speculate that Donald Trump may impose a blanket 20 per cent tariff or even look to negotiate preferential treatment for some countries.

A BBC report concurred, stating that during his election campaign, Donald Trump was all for a blanket 10 per cent tariffs on all imports into the US while threatening China with 20-60 per cent. However, since he took office, “if they charge us, we charge them” has been his motto, suggesting a customised approach.

What Countries Could Be Impacted by New Trump Tariffs?

European Union officials are bracing for double-digit tariffs on exports from their region, the BBC report added. It noted that Donald Trump has previously threatened 25 per cent tariffs on the EU.

Speaking to reporters, Donald Trump did not drop names but said new tariffs could be for “all countries.” But there is no official statement or consensus. For example, US Treasury Secretary Scott Bessent said in March that the focus would be on the 15 per cent of countries that have the highest trade with the US, while the Office of the US Trade Representative said it has a list of countries it was “particularly interested” in, the report added.

So, who's on the list? Vietnam, the United Kingdom, Turkey, Thailand, Taiwan, Switzerland, South Korea, South Africa, Saudi Arabia, Russia, Mexico, Malaysia, Japan, Indonesia, India, EU, China, Canada, Brazil, Australia, and Argentina.

What is the Likely Impact of New Trump Tariffs?

In the immediate term, the announcement time has been set for after Wall Street markets close in the US. However, Asian markets will open hours later and are expected to tell the impact story first. Then, the global scenario will slowly unfold.

While critics have cautioned that tariffs will only increase the burden on US consumers as importers would pass on the cost and hike prices, Donald Trump insists they will bring a “rebirth” of American businesses.

For now, with all the uncertainties ahead, it is a wait-and-watch game.

(With inputs from Agencies)