By coinnews 
00:00 Speaker A
US stock futures falling this morning as investors await President Trump’s tariff announcement later today. Joining us with the details, Fed correspondent Jennifer Schonberger. Obviously, there’s a lot we don’t yet know, Jennifer, but what do we know?
00:14 Jennifer Schonberger
That’s right, Julie. Good morning to you. Live from the North Lawn here at the White House. This afternoon, in an event in the Rose Garden being touted as “Make America Wealthy Again”, President Trump will unveil long-awaited tariffs on all countries as he aims to level the global trade playing field and bring manufacturing back to the United States.
00:44 Donald Trump
April 2nd, 2025 will go down as one of the most important days in modern American history. Our country has been one of the most open economies in the world, and we have the consumer base, hands down, the best consumer base. But too many foreign countries have their markets closed to our exports. This is fundamentally unfair.
01:18 Jennifer Schonberger
It’s still unclear what exactly what shape tariffs will take. All eyes will be on whether President Trump will follow through on his promise for reciprocal tariffs, essentially taxing other countries on their imports at the rate that they tax us, or whether we will see a more blanketed 20% tariff on all countries, a campaign pledge that the president often made. He has teased both in recent days. The president wants to use tariffs to bring manufacturing back to the US, raise revenue to pay for tax cuts, and use them as leverage to push other countries to lower their tariffs on US imports or extract other policy changes, like lowering fentanyl smuggled into the United States. There aren’t expected to be any exemptions, and the tariffs are expected to go into effect immediately. The president has said if you build everything in the US, there will be no tariff. Senior White House trade and manufacturing counselor, Peter Navarro, estimates Trump’s tariffs could raise around $700 billion dollars a year, but if tariffs are lowered through negotiation, that could lower revenue raised. The Tax Foundation estimates that a 20% blanket tariff would represent an average tax increase on US households of $2,045. Today’s tariffs coming after the president has already announced 25% tariffs on steel and aluminum, 25% tariffs on all car imports and car parts that are imported into this country, and 20% tariffs on China. No word yet on whether the president will resume tariffs of 25% on Canada and Mexico, which are set to kick back in today. Back to you.
03:55 Speaker A
Jennifer, thank you so much for breaking that down. I know you’ll be at the White House covering everything we need to know all day.