Wall Street Journal (gated) report, in (very brief) summary:
- The White House is adjusting its tariff strategy ahead of the planned April 2 rollout.
- Instead of implementing broad, industry-specific tariffs (such as on cars, pharmaceuticals, and semiconductors), the focus will likely shift to targeted reciprocal tariffs aimed at countries with significant trade ties to the U.S.
- Trump has labelled April 2 as “Liberation Day,” when these reciprocal tariffs—intended to match the tariffs other countries impose on U.S. goods—are expected to be announced. However, according to a White House official, the sector-specific tariffs are unlikely to be revealed that day, although plans are still evolving.
- Tariffs previously proposed on Canada and Mexico (linked to fentanyl concerns) and those on certain sectors remain uncertain, and the White House hasn’t clarified if or when they’ll proceed.
