Donald Trump is anticipated to introduce additional increased tariffs on imports entering the United States.
The president has previously caused friction with neighboring nations by threatening increased tariffs on imports from Canada, Mexico, and China, some of which have already been implemented.
The world has been watching with concern as Trump proposed these contentious plans, and now it is believed that he intends to impose higher tariffs on nearly all global imports.
According to sources who spoke to the Wall Street Journal, Trump’s advisors are contemplating plans for 20 percent tariffs on nearly all trading partners of the US, ahead of an expected announcement on Wednesday (April 2), which Trump has dubbed ‘Liberation Day’.
However, it appears not everyone close to Trump is in agreement with this plan.
“No one knows what the f**k is going on,” a White House ally told Politico.
“What are they going to tariff? Who are they gonna tariff and at what rates? Like, the very basic questions haven’t been answered yet.”
Although Trump has not yet made any formal statements, the US stock market is already experiencing effects.
According to a Fortune report yesterday (March 30), the Dow Jones Industrial Average (DOW) decreased by 0.41 percent, and the S&P 500 declined by 0.77 percent, while Nasdaq futures fell 1.4 percent.
The ramifications are not limited to the US stock market but are expected to impact the global market as well.
With this context, Ireland’s deputy premier is urging a ‘calm’ and ‘measured’ response as the nation prepares for Trump’s tariff announcement.
Tanaiste Simon Harris is scheduled to hold discussions with Dutch trade minister Reinette Klever and Danish foreign minister Lars Løkke Rasmussen this morning.
Harris, who is Ireland’s minister for foreign affairs, trade, and defense, will also host Croatian foreign minister Gordan Grlic-Radman in Dublin this afternoon.
He intends to stress the importance of the European Union collaborating closely in a ‘calm, strategic and measured fashion’ while continuing positive engagement with the US.
“How Ireland and the EU respond to the coming days and weeks won’t just impact the months and years ahead but our economic model and wellbeing for the next generation,” the Tanaiste is expected to convey, according to PA.
Other EU nations are also vulnerable to Trump’s tariff threats; Germany and Slovakia are among those most affected by a 25 percent tariff on cars set to take effect in April.