Payam Javan: President Donald Trump is poised to announce reciprocal tariffs on all countries during a White House Rose Garden ceremony on Wednesday, April 2, 2025, dubbed “Liberation Day.” The tariffs, set to take effect immediately, aim to bolster U.S. manufacturing and address what Trump calls decades of unfair trade practices. Building on recent levies against China, Canada, Mexico, and others, the policy includes taxes on diverse imports like oil, pharmaceuticals, and steel. White House officials, including Press Secretary Karoline Leavitt, hail the move as a historic step to restore America’s industrial might, projecting annual revenues of $600 billion—potentially the largest tax hike since World War II.

However, the plan has sparked widespread concern. Experts, including Yale’s Budget Lab, warn that a proposed 20 percent universal tariff could raise household costs by $3,400 to $4,200 annually, driving up prices for essentials like clothing, oil, and groceries. Critics, such as Senate Democratic Leader Chuck Schumer, argue the tariffs fund tax cuts for the wealthy, while allies and trading partners brace for economic disruption. Canada and the EU have already retaliated with their own tariffs, and leaders like Ursula von der Leyen and Giorgia Meloni caution against a looming trade war, urging negotiation over escalation. Despite optimism from Trump’s team, analyses predict slower U.S. growth and global tensions ahead.