Leavitt further confirmed that the full cabinet would be present for the unveiling of a new tariff plan, although details of the plan remain unclear, as Trump and his administration have proposed several, sometimes conflicting, options in recent weeks.“Wednesday, it will be Liberation Day in America, as President Trump has so proudly dubbed it,” Leavitt declared. “The President will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. He’s doing this in the best interest of the American worker.”Leavitt said that the details of the plans are up to the president to announce.Since taking office just months ago, Trump has proven to be aggressive with tariff threats, all while creating a sense of whiplash through on-again, off-again trade actions. And it’s possible that there will be more delays or confusion this week.However, economists warn that the broad tariffs proposed by Trump could have unintended consequences.Tariffs typically trickle down to the consumer through higher prices – and businesses worldwide also have a lot to lose if their costs rise and their sales fall.Import taxes already in effect, coupled with uncertainty around future trade actions and possible retaliations, have already roiled financial markets and lowered consumer confidence while enveloping many with questions that could delay hiring and investment.India has already reduced tariffs on a range of items, from motorcycles to luxury cars, and has agreed to increase its purchases of US energy, according to Christine McDaniel, a former US trade official.The White House has pointed to several examples of particularly lopsided tariffs: Brazil imposes an 18% tax on ethanol imports, including those from the US, while the US tariff on ethanol is only 2.5%.Similarly, India imposes a 100% tariff on foreign motorcycles, while the US charges only 2.4%.
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