The Trump administration is preparing to unveil reciprocal tariffs, described by the White House as necessary to correct decades of perceived unfair trade practices that have left the United States at a disadvantage.

The announcement is scheduled for 10 PM CEST on April 2, and the tariffs are intended to take effect immediately, according to spokesperson Karoline Leavitt.

She noted that President Trump is open to negotiations but emphasizes the significance of this date in American history.

In response, European Commission President Ursula von der Leyen addressed the European Parliament in Strasbourg, signaling a unified and determined response from the EU if tariffs against European countries are enacted.

Von der Leyen stressed that Europe has not initiated the trade conflict and aims for a negotiated solution, but remains prepared to protect its interests, people, and businesses.

She warned that the tariffs would have adverse effects on American consumers, stating that they would increase costs on food and medicine, thereby fueling inflation, and could lead to job losses in the U.S. due to increased component prices from Europe.

According to recent reports, one proposed scenario involves a flat tariff of 20% on all imports.

White House advisers estimate this could generate over $6 trillion in additional revenue for the U.S. government.

However, analysts project that this will increase unemployment rates to 7.3% and reduce GDP by 1.7%, threatening a global recession, as indicated by Moody's economists.

Alternative approaches under consideration include varying tariff levels based on the countries and their existing trade barriers with the U.S. Some countries might avoid tariffs altogether by entering into trade agreements with the United States.

The reciprocal tariffs, along with those on the automotive sector set to begin on April 3, will build on existing tariffs, such as the 25% duties already applied on steel and aluminum imports.

American automakers, including Ford, General Motors, and Chrysler (part of Stellantis), have reportedly been lobbying the government to mitigate the tariffs' impact on the automotive industry.

Meetings have taken place between these companies and officials from the White House and the Department of Commerce to discuss the exclusion of certain components.

On Monday, Stellantis CEO John Elkann met with President Trump to discuss the competitiveness of the North American automotive sector, during which Trump indicated a desire to relax emissions standards.

The new tariffs loom large for Italy, which exported approximately €65 billion worth of goods to the United States in 2024. The Italian government has indicated that it seeks dialogue to mitigate potential impacts.

Vice President J. D. Vance’s upcoming visit to Italy is seen as a positive development in these discussions.

In the lead-up to what Trump has termed “Liberation Day,” European stock markets have stabilized following previous losses, buoyed by a projected decline in inflation to 2.2% for March, down from 2.3%.