President Trump is scheduled to announce mutual tariffs in many countries at a White House event on Wednesday.
Trump was considered an “emancipation day” due to tariffs on April 2nd, and the White House ceremony is also said to be an event that “make America rich again.”
However, there are many questions as to whether tariffs will lead to wealth or economic disasters.
And there are plenty of questions about what Trump planned.
Here are the five biggest ones.
Which countries will Trump be hit by tariffs?
Trump is reportedly making a decision between imposing a wide range of tariffs on imports and imposing certain import taxes on certain countries, particularly the major US trading partners.
Treasury Secretary Scott Bescent proposed in March that the administration could chase the 15% most responsible for trade with the United States.
Bessent did not specify which country constitutes “Dirty15”; analysis CNBC has determined that it is likely that the number includes China, the European Union, Mexico, Vietnam, Ireland, Germany, Taiwan, Japan, South Korea, Canada, India, Thailand, Italy, Italy, Switzerland, Malaysia, Indonesia, France, Austria and Sweden.
“There are reasonably few countries that are the world's leading producers of manufactured goods. All of these are likely to be targeted in some way, so there is no significant difference between what is called the worst defender and the tariffs that target the broader tariffs.
How are customs fees calculated?
Whether Trump imposes tariffs widely or only on certain countries could also affect how rapidly the new import taxes will rise.
Bescent said in March that the administration will take into account not only tariffs but also the broad range of trade policies and economic barriers countries place when determining mutual tariff rates.
If the country does not change these policies, Bescent said:
Even if Trump decides to do flat and universal tariffs, the administration will have to decide whether a new import tax will be imposed on or instead of previously announced taxes.
Trump has already imposed new tariffs on goods from Canada, Mexico and China, as well as all foreign steel and aluminum. The President will also impose his previously announced tariffs on his previously announced foreign cars and auto parts.
Can industry and the country be spared?
Trump frequently announced, imposed and roamed tariffs across his terms as a way to gain leverage in negotiations with foreign leaders. Several experts suggested that imposing separate tariff rates could further sway Trump against foreign leaders trying to avoid economic blows.
The head of a major US automotive company begged Trump to save the industry from sudden tariffs and urged him to exempt low-level auto parts from his new taxes.
Trump has also refused to exempt his country from appeals from the president's new tariffs from the appeals of British Prime Minister Kiel Starmer.
Alden said how the White House will treat India (while a country with a sharp trade barrier to US goods, it could reveal some of the president's priorities along with Trump-loved leaders.
“By the rational definition of reciprocity, India is a major criminal. It has the highest tariffs remaining in the world of every important trading nation,” Alden said.
“But I like Trump [Indian Prime Minister Narendra] Modi and India are strategically important and don't want to throw them into the arms of Russians and Chinese people. ”
Meanwhile, the European Union could face sudden tariffs from Trump given his continued feud with defense spending and his historic barrier to US car sales.
What does Trump want from his tariffs?
Trump and his economic team cited a wide range of reasons to justify a sudden new import tax in the midst of growing concern and skepticism among voters.
In the decades before he took office, Trump accelerated the decline of American manufacturing and denounced US political leaders for signing free trade transactions that hollowed out the country's industrial areas. He has long used tariffs to revive businesses' manufacturing jobs in the US and to allow foreigners to purchase more US goods.
“If they want to exempt that tariff, they can come to the United States to do business here and bring their jobs here,” White House press director Carolyn Leavitt said Tuesday.
However, the Trump administration is also leaning towards tariffs to fund the president's 2017 tax cut extension. This is the income that could evaporate if businesses actually listen to Trump's call.
“We believe the administration is planning to use tariffs as a way to rebuild the US economy, which is one of the reasons why I don't think it's responding to recent sales in the stock market.”
What impact will they have on the economy?
Trump's new tariffs could be a huge cost for businesses and consumers, depending on the scope, size and implementation of the plan.
Importers may be able to convulse the costs of low tariffs in their stomachs, but sudden tariffs on foreign food, energy and auto parts can make Americans significantly higher costs after years of high inflation.
Goldman Sachs economists hope Trump's tariffs will drive inflation, slow the economy and raise unemployment, according to an analysis released Wednesday.
