Reports say Trump aides have drafted a proposal to impose approximately 20% tariffs on most goods imported into the United States.

According to local media reports on Tuesday, White House aides have drafted a plan to impose tariffs of around 20% on most of the $3 trillion worth of goods imported to the US each year. President Trump is ready to announce reciprocal tariffs, raising concerns among global businesses, consumers, and investors about escalating global trade wars. Trump stated on Sunday that the reciprocal tariffs would apply to all countries, and the White House said on Monday that any country that unfairly treats Americans should be prepared to face tariffs. For weeks, Trump has designated April 2 as the "liberation day" for his most ambitious action yet to disrupt global trade norms that have been in place for over half a century. In these norms, international trade barriers have decreased, but this Republican president believes that American goods and workers are at a disadvantage. White House advisors reportedly stated that a final decision has not been made yet, with several options currently on the table. According to reports citing three sources familiar with the matter, the Trump administration is also considering using the expected tens of billions of dollars of new import revenue for tax benefits or refunds. Global investors are anxiously awaiting details. This Republican president has already imposed tariffs on aluminum, steel, and cars, while also increasing tariffs on all goods from China. As April 2 approaches, signs indicate that the US economy, which has been growing at an above-trend pace in recent years, is losing momentum due to the uncertainty brought about by Trump's often chaotic economic policy-making methods, especially in terms of trade. Numerous surveys of households and businesses show a decline in confidence in the economic outlook. People are increasingly worried that Trump's tariffs will lead to a resurgence of inflation, as consumers still vividly remember the rapid inflation of the past. Over the past month, panicked investors have sold off stocks in droves, leading to nearly $5 trillion in market value evaporating from the US stock market since mid-February. The risks are not limited to the US alone. A business survey released on Tuesday shows that escalating tariff wars and a slowdown in global demand are dampening business confidence, with factory activity in Asia weakening and prospects dimming. Meanwhile, initial signs of a manufacturing revival in Europe have been overshadowed by concerns that the uptick in manufacturing activity in March may have been mainly due to buyers placing orders ahead of Trump's new tariffs. However, Hamburg Commercial Bank's chief economist, Cyrus de la Rubia, stated that this "suggests that there may be some rebound in the coming months."