As U.S. President Donald Trump seeks to impose sweeping trade measures to reshape the American economy, the Trump administration is racing to finalize details of his new tariff agenda by a self-imposed Wednesday deadline, according to the Wall Street Journal.
One key point of contention within the administration is whether to impose individualized tariff rates on U.S. trading partners, as Trump has hinted in recent weeks, or to return to his promise of a blanket tariff affecting nearly all countries doing business with the U.S., according to people familiar with the discussions.
Trump has previously tried to temper expectations for his so-called reciprocal tariff plan, but has recently signaled he will take a more aggressive stance. Speaking on Air Force One on Sunday night, the president said he would be “much more generous” than his previous promises to match U.S. tariffs with those of other countries. But sources say he has since urged his team to come up with plans that would impose higher tariffs on a wider range of countries. Trump reinforced that position on Sunday, saying the tariffs would target “essentially all” U.S. trading partners.
The administration is currently considering the possibility of imposing global tariffs of up to 20% on nearly all of the U.S.’s trading partners, an approach that echoes the plan Trump campaign championed for months before the president moved to a reciprocal tariff model in which the U.S. would match the tariff rates imposed by other countries.
Despite the change, an administration official said the reciprocal tariff plan remains under consideration. Trump reportedly leans toward imposing tariffs on every country with which the U.S. has a trade deficit and prefers a “clean bill” for each country, but no final decision has been made.
Whatever the final plan, the president wants the policy to be “big and simple,” the official added. That would suggest a broader approach beyond previous plans that focused on the U.S.’ largest trading partners, about 15% of the world’s countries. Treasury Secretary Scott Bessent has previously referred to those countries as the “dirty 15” in media interviews.
In addition to the broad tariffs, the administration is also considering a series of sector-specific duties, potentially targeting critical minerals and related products, among other sectors. It remains unclear whether those tariffs will be announced on April 2, but they are expected to be included in a trade policy review document scheduled to be presented to Trump on Tuesday.
*This is not investment advice.
