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Investing.com-- U.S. President Donald Trump’s administration is considering higher trade tariffs on a broader set of countries when he unveils his plans for reciprocal tariffs on April 2, the Wall Street Journal reported on Sunday.
Trump had initially downplayed his plans for reciprocal tariffs being imposed on April 2, a date he has constantly touted as “liberation day.” But in recent days, Trump was seen pushing his team to apply more aggressive tariffs, the WSJ report said, citing people familiar with the discussions.
Trump’s advisers have considered imposing global tariffs of up to 20% that could hit all U.S. trading partners. Trump’s reciprocal tariffs are intended to charge countries tariffs equivalent to duties levied by them on imports from the U.S.
The WSJ report said Trump wants the tariffs plan to be “big and simple,” likely heralding broader, steeper tariffs. Trump is expected to levy tariffs on at least 15 trading partners, a group labeled as the “dirty 15” by Treasury Secretary Scott Bessent.
Trump is also considering more industry-specific tariffs, after he said he will impose a 25% duty on all automobile imports.
Trump’s allowances in 25% tariffs for Canada and Mexico are also set to expire this week, which could see both countries slapped with steep tariffs.
“I couldn’t care less, because if the prices on foreign cars go up, they’re going to buy American cars,” Trump said in comments carried by the WSJ. “I hope they raise their prices, because if they do, people are going to buy American-made cars.”
Trump has embarked on a tariff spree in his first two months back in office, and is expected to largely maintain a protectionist stance on U.S. trade and manufacturing. The U.S. President has threatened to impose tariffs on several key commodities, as well as sectors such as pharmaceuticals and semiconductors.