Donald Trump's much-vaunted reciprocal tariffs for all countries will be announced today, leaving countries and markets watching the developments with trepidation.

Donald Trump has labelled April 2 "Liberation Day", insisting that the levies will free the United States from its reliance on foreign goods. Trump appeared to substantially expand his tariff plans, insisting that "all countries" would be targeted.

Here are 10 points on this big story:

"You would start with all countries, so let's see what happens," Trump told reporters, dashing hopes that he might scale back some of the levies or that they would target a select group of nations. "I haven't heard a rumour about 15 countries, 10 or 15... Essentially all of the countries that we are talking about. We have been talking about all countries, not a cutoff," he said.

A day before the expected announcement, Trump claimed India would be dropping its tariffs "very substantially". "I think a lot of (countries) will drop their tariffs because they have been unfairly tariffing the United States for years. I think I heard that India, just a little while ago, is going to be dropping its tariffs very substantially. I said why didn't somebody do this a long time ago?" he said.

Hours before that, the White House said India imposes a 100 per cent levy on American agricultural products. "You have a 100 per cent tariff from India on American agricultural products," White House Press Secretary Karoline Leavitt said, holding up a chart with tariffs levied by countries.

From 2021-22 to 2023-24, the US was India's largest trading partner. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent of imports, and 10.73 per cent of bilateral trade, a PTI report said. With the US, India had a trade surplus (difference between exports and imports) of $35.32 billion in goods in 2023-24. The figure was $27.7 billion in 2022-23, $32.85 billion in 2021-22, $22.73 billion in 2020-21 and $17.26 billion in 2019-20

What is "Liberation Day"?

Liberation Day" is the term coined by President Trump to describe the day when the U.S. will impose reciprocal tariffs on its trading partners. These tariffs are designed to mirror the levies that other countries place on American exports, with the goal of reducing the U.S.'s reliance on foreign goods and boosting domestic production. The announcement is expected to take place on April 2, 2025, and the tariffs will go into effect immediately, according to the White House.

Trump has been vocal about his trade policies, often criticizing countries like India for what he calls "unfair" trade practices. In a recent statement, he claimed that India would "substantially reduce its tariffs" before the deadline, though Indian officials have yet to confirm this. The uncertainty surrounding the specifics of the tariffs has left global markets on edge, with investors and businesses anxiously awaiting clarity.

How Will India Be Affected?

India, often referred to by Trump as the "tariff king," maintains some of the highest import duties on a wide range of American goods, including agricultural products, pharmaceuticals, and alcoholic beverages. According to the U.S. Trade Representative's 2025 National Trade Estimate Report, India's tariff and non-tariff barriers are among the most restrictive in major global economies. If the U.S. imposes reciprocal tariffs, Indian exports to the U.S. could face significant hurdles, potentially leading to higher costs for American consumers and reduced market access for Indian businesses.

Sectors likely to be hit hardest include:

Pharmaceuticals: India is a major supplier of generic drugs to the U.S., and tariffs could disrupt this supply chain, leading to higher drug prices. Textiles: Indian textiles are popular in the U.S. market, but increased tariffs could make them less competitive. Agriculture: Indian agricultural exports, such as spices and tea, may also face higher costs, affecting both producers and consumers.

However, there is speculation that India might reduce its tariffs to avoid retaliation. Trump has hinted that India is set to "drop its tariffs very substantially," which could mitigate some of the impact. Yet, with the deadline just hours away, no official announcement has been made, leaving the situation fluid.

Expert Opinions and Analysis

Economists and trade experts are divided on the potential outcomes of "Liberation Day." Some argue that reciprocal tariffs could force countries like India to lower their own tariffs, leading to more balanced trade relations. Others warn that such measures could escalate into a full-blown trade war, with tit-for-tat tariffs harming global economic growth.

Trump's approach is bold, but it's also risky," says Dr. Anjali Sharma, an economist at the Global Trade Institute. "While it might pressure countries to negotiate better deals, it could also lead to higher prices for consumers and disrupt supply chains that have been built over decades.

On the other hand, supporters of Trump's policies believe that the tariffs are necessary to protect American industries. "For too long, the U.S. has been taken advantage of by countries with high tariffs," says John Miller, a trade policy analyst. "These reciprocal tariffs could finally level the playing field.

Global Trade Implications

The ripple effects of "Liberation Day" are likely to be felt far beyond India. Countries with significant trade surpluses with the U.S., such as China, Mexico, and Canada, are also bracing for impact. The U.S. has already imposed tariffs on steel, aluminum, and automobiles from various countries, and "Liberation Day" could expand these measures to a broader range of goods.

Global markets have already shown signs of volatility in anticipation of the announcement. The S&P 500 and Nasdaq experienced fluctuations as investors reacted to the uncertainty. Additionally, the potential for retaliatory tariffs from affected countries could further destabilize the global economy.

What Can You Do?

For businesses and consumers, staying informed is crucial. Here are a few steps you can take:

Monitor Official Announcements: Keep an eye on statements from the White House and the Indian government for updates on tariff changes.

Diversify Supply Chains:If you rely on imports from affected countries, consider diversifying your suppliers to mitigate risks.

Stay Updated on Market Trends:Follow financial news and market analyses to understand how these tariffs might affect your investments or business operations.

As "Liberation Day" dawns, the world waits to see how Trump's tariff strategy will unfold. Whether it leads to a new era of fairer trade or sparks a global economic showdown remains to be seen. One thing is certain: the impact will be felt across borders, and preparation is key.

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