Trump's latest wave of tariffs to be announced on Wednesday

Nations, companies, and consumers are holding their breath ahead of US president Donald Trump’s announcement of his administration’s latest round of tariffs. 

Details about the upcoming tariffs are scarce, but Trump has slightly hinted at the goals the tariffs are meant to fulfil. Specifically, he said he wanted to boost the American manufacturing sector and create reciprocal tariffs for countries that tax US imports, naming the EU, India, and Brazil as examples.

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Reports also indicate that Trump’s team is mulling a 20% tariff for almost all US trading partners, as the move can generate some $6 trillion in government revenue.

Trump’s talk of tariffs has already hit the US and global stock markets hard, but economists fear the tariffs could send the US into a recession. 

So far, the US president has imposed tariffs on steel and aluminum, certain Mexican and Canadian goods, as well as Chinese products.

Trump’s aggressive trade policies are expected to be met with opposition. In Canada, a “Buy Canadian” movement has already swept the nation, as consumers continue to shun American goods. 

Similarly, the EU said it has a plan to strike the US back with retaliatory tariffs.

Trump is expected to speak at around 9:00pm Malta time on Wednesday.