The American public and U.S. trading partners are waiting for President Trump’s new set of tariffs, a plan he says is finalized and will be revealed on Wednesday. Trump's first two months back in office have seen him implement tariffs on countries like Canada and Mexico, only to reverse course days later. It’s not yet clear which countries will be taxed hardest. Geoff Bennett reports.
Businesses brace for Trump’s new tariffs while Senate Democrats try to push back
Nation
Apr 01, 2025 06:50 PM EDT
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Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors.
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Geoff Bennett:
Meantime, President Trump is set to reveal a new set of tariffs tomorrow, which has the American public and U.S. trading partners anxiously waiting to see which countries and which industries will be taxed the hardest.
President Trump is set to begin the biggest gamble of his second term so far, a sweeping round of reciprocal tariffs on imports, a move he's branding as liberation day.
Donald Trump, President of the United States: I always say tariffs is the most beautiful word to me in the dictionary.
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Geoff Bennett:
Tariffs have long been central to the president's economic vision. Now, by taxing imports from some of the country's biggest trading partners, he's hoping Americans will favor American-made goods to revitalize U.S. manufacturing.
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Donald Trump:
The automakers are going to make a lot of money, the American automakers.
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Geoff Bennett:
Despite economists' warnings about the president's tariff plan triggering higher prices, a possible recession and a global trade war, the White House press secretary today reiterated Mr. Trump's confidence.
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Karoline Leavitt, White House Press Secretary:
They're not going to be wrong. It is going to work. And the president has a brilliant team of advisers who have been studying these issues for decades. And we are focused on restoring the golden age of America.
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Geoff Bennett:
A similar message from House Republicans.
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Rep. Mike Johnson (R-LA):
You have to trust the president's instincts on the economy. It may be rocky in the beginning, but I think that this will make sense for Americans and it will help all Americans.
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Geoff Bennett:
But across the aisle, Democrats in both chambers are unconvinced, accusing the Trump administration of playing fast and loose with Americans' finances.
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Rep. Pete Aguilar (D-CA):
Hardworking Americans just want a little breathing room and some stability in their busy lives. But what they have received from Donald Trump is chaos, confusion and corruption.
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Geoff Bennett:
Democratic Senator Tim Kaine of Virginia even introduced a resolution to end the emergency tariffs on Canada that the president signed earlier this year, arguing tariffs on Canada have a damaging ripple effect through the U.S. economy.
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Sen. Tim Kaine (D-VA):
We need to stand strong against a tax increase, the largest tax increase in American history on our consumers. We need to stand strong for a strong relationship with a good ally, Canada. And that's why I'm really, really excited we have this vote coming up.
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Geoff Bennett:
Kaine's effort has picked up support from some GOP lawmakers, like Maine Senator Susan Collins, who worries her constituents will bear the burden of higher prices.
Meantime, America's allies are preparing for the worst. European Commission President Ursula von der Leyen today said the E.U. is ready to act.
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Ursula von der Leyen, President, European Commission:
We do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it.
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