Reciprocal Tariffs Expected on ‘All Countries’ April 2

By Ryan Hanrahan

Reuters’ Andrea Shalal reported that “U.S. President Donald Trump said on Sunday that reciprocal tariffs he is set to announce this week will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances.”

“Trump has promised to unveil a massive tariff plan on Wednesday, which he has dubbed ‘Liberation Day.’ He has already imposed tariffs on aluminum, steel and autos, along with increased tariffs on all goods from China,” Shalal reported. “‘You’d start with all countries,’ he told reporters aboard Air Force One. ‘Essentially all of the countries that we’re talking about.’”

“White House economics adviser Kevin Hassett recently told Fox Business that the administration’s tariffs focus would be on 10 to 15 countries with the worst trade imbalances, though he did not list them,” Shalal reported. “Trump sees tariffs as a way of protecting the domestic economy from unfair global competition and a bargaining chip for better terms for the U.S. However, concerns about a trade war are unsettling markets and creating fears of a recession in the U.S.”

Reciprocal Tariff Details Remain Unknown

Bloomberg’s Skylar Woodhouse reported that “The White House hasn’t yet outlined what tariffs are coming, how they’ll be calculated, or what countries will need to do to secure coveted exemptions. Trump has also said his tariffs will account for other countries’ non-tariff barriers, though hasn’t detailed how those calculations will be made. The administration also hasn’t specified when these new tariffs will take effect.”

“Treasury Secretary Scott Bessent earlier this month said the Trump administration’s coming action would focus on what he called the ‘dirty 15,’ a percentage of the world’s economies that have substantial tariff and other barriers and together account for ‘a huge amount of our trading volume,’” Woodhouse reported. “Though Bessent didn’t name them, a Bloomberg Economics report shows 15 U.S. trade partners, nine of which are in Asia, together account for more than 75% of all U.S. imports and were also included in a recent administration document inviting public comment to identify any potential unfair trade practices.”

“The Trump administration has signaled that each country’s reciprocal tariffs could form the starting point for future negotiations, a stance that has sent countries rushing to offer concessions and play up their trade relationships with the U.S.,” Woodhouse reported. “At the same time, Trump has also said he means to limit exceptions to his tariff push.”

Lawmakers Worry About Agriculture Retaliation

Politico’s Meredith Lee Hill reported that “Swaths of Republicans on Capitol Hill are scrambling to shield their states from Donald Trump’s next wave of tariffs, a sign of the private alarm in the president’s party about the impacts of his trade agenda.”

“‘Tariffs in Kansas often are very harmful to agricultural producers, farmers and ranchers,’ said Sen. Jerry Moran (R-Kan.). ‘And we’re often the retaliatory target by those we impose tariffs against,’” Hill reported. “Moran said he is planning to push for exclusions to Trump’s tariffs to limit the fallout on his home state, where the agriculture sector is already facing some of the worst economic headwinds in years.”

“Administration officials also expect Trump on April 2 to move ahead with tariffs on foreign agriculture products, something the president floated in a Truth Social post earlier this month,” Hill reported. “That has some Hill Republicans worrying that such a move would only trigger a new wave of retaliatory tariffs on the U.S. farm sector, plus cut American farmers off from critical export markets abroad when there won’t be enough demand in the U.S. to sell all of their goods.”

“Beyond Canada and Mexico, Rep. Don Bacon (R-Neb.) said he’s heard from meat processors and popcorn producers in his state who have lost market access in Europe in the last week amid Trump’s trade tumult,” Hill reported. “And while Bacon said new reciprocal tariffs may help lower trade barriers to some countries, the immediate result is higher costs for a lot of products: ‘In the end, consumers pay more. And so it’s going to raise costs.’”

Reciprocal Tariffs Expected on ‘All Countries’ April 2 was originally published by Farmdoc.