The White House has confirmed that President Trump will introduce new tariffs, although specifics about the measures remain unconfirmed. These tariffs, awaited by companies, consumers, and investors worldwide, are expected to intensify the global trade war.

Spokeswoman Caroline Levitt stated that reciprocal tariffs against countries with measures against American products will take effect immediately after Trump’s announcement. A 25 percent tariff on car imports will follow one day later, on April 3.

Trump has been referring to April 2 as “Liberation Day,” the date when new tariffs intended to reshape the global trading system will be introduced. The President is scheduled to speak from the Rose Garden at the White House at 4 p.m. local time (9 p.m. Central European Time).

President Trump has previously imposed tariffs on aluminum and steel imports and increased them on all products from China. He has also threatened, abolished, and postponed other tariffs, according to British media. Levitt’s announcement suggests he may follow through this time.

Levitt stated, “The President has a brilliant team of advisors who have been studying these issues for decades, and we are focused on bringing back the golden age of America.”

According to the Washington Post, Trump’s associates are considering a plan to increase tariffs on all products from other countries to 20 percent. The government anticipates this would generate six trillion dollars in revenue, which could then be distributed to American citizens.