President Donald Trump is set to announce new tariffs on Apr. 2, at 4 pm Eastern Time in the White House Rose Garden. The measures, called “Liberation Day,” aim to address perceived unfair trade practices.

Asian countries including Vietnam, India, and Japan are preparing for economic impacts.

Vietnam plans to reduce import duties on cars, food items, and LNG, while India considers lowering taxes on agricultural products like almonds and cranberries. Trump has criticized India’s higher tariffs on US exports.

Since taking office, Trump has imposed tariffs on Chinese goods, steel, aluminum, and auto imports.

The specifics of today’s tariffs remain unclear, but Trump suggested they could target “all countries.”

US allies in Asia, such as Japan and South Korea, are preparing to support their industries, with Japan’s automaking sector being particularly vulnerable. Meanwhile, Australia has ruled out offering concessions.

Asian companies are investing in US operations to mitigate potential fallout, such as Honda’s US$300 million Ohio plant investment and TSMC’s US$100 billion expansion.