US Tariff Announcement Live Updates: US President Donald Trump is set to impose sweeping new  “Liberation Day” tariffs on Wednesday, a move that could spark a global trade war. 

The 78-year-old President will unveil the measures and plans in the Rose Garden of the White House at 4pm EST (1.30am IST) and the new duties would take effect immediately. A separate 25% global tariff on auto imports is scheduled to take effect on April 3.

According to think tank Global Trade Research Initiative (GTRI), the new tariffs could significantly impact Indian exports. A uniform tariff could leave India facing an additional tax of 4.9% compared to the current 2.8%, impacting sectors like agriculture, electronics, and pharmaceuticals, according to the GTRI’s “Reciprocal Tariffs and India” report.

Early Wednesday, Mr Trump posted a one-liner on his Truth Social platform: “It’s Liberation Day in America!”

Mr Trump for weeks has said his reciprocal tariff plans are a move to equalise generally lower US tariff rates with those charged by other countries and counteract their non-tariff barriers that disadvantage US exports. Global markets have been jittery for days ahead of the announcement, while countries most likely in the crosshairs have called for talks – even as they ready retaliatory measures.

Here are the Live Updates: