President Donald Trump is expected to roll out a plan next week to impose “reciprocal” tariffs on imports from around the world in a bid to raise tariff revenue and force other countries to lower their own barriers to American exports.
Trump is promising the tariff announcement on April 2 will represent a “liberation day” for the American economy, and he and other top administration officials and allies claim the tariffs will help rebuild the U.S. manufacturing sector, bring down costs and raise trillions of dollars for the government.
At a White House event Monday, Trump said the threat of tariffs is encouraging companies to invest billions, if not trillions, of dollars in manufacturing facilities in the United States so they can avoid paying any new duties.
“The tariffs are forcing them to come back,” Trump said. “Remember, there are no tariffs if you build here, and that’s a big factor.”
