Trump says reciprocal tariffs will target all countries as India and world brace for 'Liberation Day'

Liberation Day, U.S. President Donald Trump announced on Sunday that the reciprocal tariffs he plans to unveil this week will apply to all nations, not just a select group of 10 to 15 countries with the largest trade imbalances.

Trump has pledged to introduce a sweeping tariff plan on Wednesday, a move he has dubbed «Liberation Day.» He has already imposed tariffs on aluminum, steel, and automobiles, alongside heightened duties on all imports from China.

«You'd start with all countries,» Trump told reporters aboard Air Force One. «Essentially all of the countries that we're talking about.» White House economics adviser Kevin Hassett recently told Fox Business that the administration’s tariff focus would be on 10 to 15 nations with the most significant trade imbalances, though he did not specify which ones.

Meanwhile, India is considering reducing or even eliminating customs duties on auto parts imported from the US, a government official told ET. The move comes as part of efforts to strengthen trade ties, with officials believing it would not significantly impact the domestic industry.

Trump views tariffs as a means of shielding the domestic economy from unfair global competition and as leverage for negotiating better trade terms for the U.S.

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However, fears of a trade war are rattling markets, fueling concerns about a potential recession in the U.S.

The president has reiterated his commitment to imposing a set of reciprocal tariffs on nations that levy duties on U.S. exports, vowing to match those countries' tariffs.

Last week, Trump hinted that he might soften his approach, potentially setting tariff rates lower than what some countries currently impose on U.S. goods.

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