After weeks of White House hype and public anxiety, President Donald Trump is set to announce a barrage of self-described “reciprocal” tariffs on friend and foe alike.
The new tariffs — coming on what Trump has called — is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.
Here's the latest:
Trump’s schedule for Wednesday
According to the White House, at 4 p.m., Trump will participate in the “Make America Wealthy Again” event in the Rose Garden. This is when he’s expected to announce his .
Trump administration halts dozens of research grants at Princeton University
The Trump administration has halted dozens of at Princeton University, the latest Ivy League school to see its federal money threatened in a pressure campaign targeting the nation’s top universities.
Princeton was notified this week that several dozen federal grants are being suspended by agencies including the Department of Energy, NASA and the Defense Department, according to a campus message sent Tuesday by Christopher Eisgruber, the university’s president.
Eisgruber said the rationale was not fully clear but that Princeton will comply with the law. The school is among dozens facing federal investigations into antisemitism following a wave of pro-Palestinian protests last year.
“We are committed to fighting antisemitism and all forms of discrimination, and we will cooperate with the government in combating antisemitism,” Eisgruber wrote. “Princeton will also vigorously defend academic freedom and the due process rights of this University.”
▶ Read more
Trump’s ‘Liberation Day’ is unlikely to free businesses from uncertainty surrounding trade policy
Trump says his tariff announcements slated for Wednesday will amount to a for the U.S. But American businesses and financial markets are unlikely to be freed from the uncertainty generated by his trade policy.
Some big questions will be resolved when Trump announces what are expected to be reciprocal tariffs, and companies will have a greater sense of how many countries will be affected and how high the duties will be.
But more tariffs are in the pipeline and could target specific industries such as pharmaceuticals, copper and lumber. And the United States may reach deals with other countries that could alter the reciprocal tariffs. There will also be countless details that could take months to resolve to determine precisely which imports will be hit with taxes.
As a result, few analysts expect Wednesday’s announcement to bring the certainty that many businesses — and — crave.
▶ Read more
Wisconsin and Florida elections provide early warning signs to Trump and Republicans
on Tuesday provided early warning signs to Republicans and Trump at the beginning of an ambitious term, as Democrats rallied against his efforts to slash the federal government and the outsize role being played by billionaire Elon Musk.
In the marquee race for a Wisconsin Supreme Court seat, the conservative judge endorsed by Trump and backed by Musk and his groups to the tune of $21 million in a state Trump won in November. And while Florida Republicans held two of the most pro-Trump House districts in the country, both candidates also underperformed Trump’s November margins.
The elections — the first major contests since Trump’s return to power — were seen as an early measure of voter sentiment as Trump works with unprecedented speed to dramatically upend the federal government, clashing with the courts and seeking revenge as he tests the bounds of presidential power.
▶ Read more
Trump says today is ‘liberation day in America’
The president was foreshadowing his upcoming announcement of so-called reciprocal tariffs on both friends and foes of the United States.
He calls it “liberation day” to free the U.S. from what he has says are years of unfair trade practices.
Most economists say it’s a risky move that could plunge the U.S. economy into a downturn and upset decades of alliances.
Trump posted about “liberation day” early Wednesday on his social media platform.
He’s scheduled the announcement for 4 p.m. ET in the White House Rose Garden.
▶ Read more
