Trump to Unveil Sweeping Tariff Plan Today, Raising Economic and Diplomatic Stakes

President Donald Trump is set to reveal a highly anticipated global trade overhaul today at 4 pm ET, introducing broad tariffs aimed at reshaping America’s economic relationships with the world. The White House has framed the move as a critical step to “level the playing field” and entice manufacturing back to U.S. shores, though the announcement has already sparked concerns over inflation, economic slowdown, and strained alliances.

While specifics of the plan remain under wraps until the president’s address, administration officials have floated two potential approaches: a flat 20% tariff on most imports into the United States, which analysts estimate could generate $6 trillion in revenue, or reciprocal tariffs designed to mirror the import duties other nations impose on U.S. goods. Once announced, the tariffs are expected to take effect immediately, signaling a swift and aggressive shift in trade policy. Adding to the urgency, exemptions to previously enacted 25% tariffs on goods from Mexico and Canada—key U.S. trading partners—will expire today, further intensifying the stakes.

The tariff proposals have already drawn sharp criticism from economists, who warn of significant domestic fallout. Higher import costs could drive inflation, slow economic growth, and elevate the risk of a recession, they argue. On the international front, the plan threatens to deepen tensions with allies. The European Union and Canada, both hit by earlier rounds of U.S. tariffs, have pledged retaliatory measures, raising the specter of a broader trade war.

The announcement comes amid a flurry of policy debates in Washington. In a separate development, Sen. Cory Booker (D-NJ) made history yesterday with a record-breaking 25-hour, 5-minute speech on the Senate floor. The marathon address, the longest in Senate history, served as a platform for Booker to lambast the Trump administration’s sweeping policy shifts, including its approach to trade.

As the clock ticks toward 4 pm, all eyes will be on President Trump’s remarks, which could redefine the U.S. economy—and its place in the global order—for years to come.