Trump Weighs Sweeping 20% Tariffs on Wednesday, but Exemptions Are Still on the Table

The White House is considering imposing a broad 20% tariff on most U.S. imports as part of President Trump's push to reshape global trade, according to sources cited by The Washington Post. While details remain fluid, Trump has signaled that exemptions will be granted, softening concerns over a blanket tariff approach.

However, White House officials remain dismissive of such concerns, pointing to past instances where economic predictions failed to materialize.

Trump has repeatedly stressed that tariffs will be "reciprocal," meaning they would be proportionate to those imposed on American exports. "Whatever they charge us, we'll charge them," Trump said, suggesting a country-specific approach. Still, one option under consideration is a universal tariff applying to nearly all nations, with exemptions for specific goods that are no longer produced in the U.S.

The president is expected to unveil his plan on Wednesday, branding the announcement "Liberation Day." White House Press Secretary Karoline Leavitt emphasized that the move aims to correct "unfair trade practices that have been ripping off this country for decades."

Trump has also floated the idea of sector-specific tariffs targeting industries such as automobiles, copper, pharmaceuticals, and lumber. While precise rates and implementation timelines remain unclear, former Commerce Secretary Wilbur Ross noted that the administration is discussing a flat tariff between 15% and 25%, alongside potential carveouts for key industries.

Despite internal disagreements, officials close to the president expect full alignment once Trump makes his final decision. "This time, unlike last time, it's ultimately Trump's decision, and everyone will fall in line," Ross said after dining with Trump at Mar-a-Lago.

The administration is also exploring the possibility of using revenue from the tariffs—estimated at over $6 trillion—to fund tax rebates for American consumers, though discussions are still in early stages.