Uncertainty swirls as Trump’s promises major tariff announcement
President Donald Trump says Wednesday will be “Liberation Day” for the U.S. He’s expected to announce additional tariffs as part of his economic policy but it remains unclear exactly what the president will say. So what will the impact be on your wallet? FOC 5’s David Kaplan has more.
WASHINGTON – President Donald Trump says Wednesday will be “Liberation Day” for the U.S. He’s expected to announce additional tariffs as part of his economic policy but it remains unclear exactly what the president will say.
So what will the impact be on your wallet?
What we don’t know:
There’s a lot of uncertainty, especially since we don’t have a clear picture tonight of what Trump will announce tomorrow. For example, a 25 percent tariff on imported vehicles is expected to take effect tomorrow.
How long will that remain? Will that percentage change? When might customers see a price increase if they haven’t already? These are just some of the key questions without great answers.
What they’re saying:
“I am just very hopeful. I really hope that it subsides soon, because I need to buy a car,” Meira Stafilatos said.
Stafilatos says she has been looking for a new car the last few weeks.The price point is above where she wants to be for what she’s looking for, and says she’s been advised to wait and see what impact, if any, tariffs may have on prices.
So for now, no car.
“[It’s] extremely stressful, because I don’t have a car. So now I am waiting and I was told to wait a couple more months to see if things settle down and I don’t have to pay a couple extra thousand,” she told FOX 5.
Why you should care:
Dimitris Tsarouhas is a political science professor at Virginia Tech. He says the uncertainty is a challenge for consumers and businesses, noting that administrations in the past have used tariffs to level the playing field.
But Trump’s strategy is different in that he uses tariffs to achieve other political objectives and has been relatively vague on what will be announced tomorrow, feeding uncertainty.
“It’s not been clear to friends and foes alike about whether the administration is going to impose a universal rate of tariffs, of anyone, regardless of what they export to the United States, or whether or not this is going to be a tailored approach,” Tsarouhas said.
What’s next:
White House Press Secretary Karoline Levitt said Trump’s tariff policy was successful in his first term and the word to Americans is to expect the same result this time around.
The big tariff announcement is expected at 4 p.m. on Wednesday.
