NEWS

US President Donald Trump has confirmed that the new tariffs are intended to achieve "reciprocity," meaning they will be imposed on imports from countries that impose trade barriers on US products, which the White House deems unfair.

Uncertainty about these tariffs and concerns about their economic impact have sparked volatility in the stock market in recent weeks.

The guest list for US President Donald Trump's announcement of the new tariffs in the White House Rose Garden a few hours later includes workers from industries likely to be affected by the reciprocal tariffs.

US Senate to vote on resolution to repeal Trump's tariffs on Canada

The US Senate is expected to vote later today on a Democratic-led resolution to repeal Trump's "national emergency" declaration to establish a legal basis for imposing tariffs on Canada.

Senator Tim Kaine (D-VA) told reporters earlier that Senator Mitch McConnell (R-KY) had indicated he planned to support the resolution. Three other Republican senators—Lisa Murkowski (Alaska), Susan Collins (Maine), and Rand Paul (Ky.)—have also indicated their plans to support the measure.

The resolution is largely symbolic, as it still needs to pass the Republican-controlled House of Representatives and require Trump's signature to become law.

However, passage in the Senate with support from some Republicans—on the same day Trump unveils his tariff plan—would be a rebuke of Trump's tariff policies.

Sen. Peter Welch, a member of the Senate Finance Committee, criticized Trump's tariff policies, warning that his "ill-conceived trade war will only raise prices for consumers."

"Trump's so-called 'Freedom Day' will throw the global economy into turmoil and leave Americans to bear the burden," Welch, a Vermont Democrat, said in a statement hours before the so-called reciprocal tariffs were unveiled at the White House.

Welch adds, "We should not impose blanket tariffs on our long-standing allies and trading partners. America's close economic relationships with our trading partners are built on trust."

He continues, "These intermittent tariffs are deeply damaging and completely unnecessary. President Trump is hurting our farmers, our businesses, and everyday workers."

Trump's tariffs threaten tequila industry despite strong profit margins

Some tequila producers have warned that the new tariffs will impact their businesses, but Colorado-based Suerte Tequila has said it will not raise prices to offset the impact.

"Tequila profit margins are stronger than ever," said CEO Lawrence Spiewak.

However, the entire industry could be impacted by tariffs on Mexican imports. The United States imported $5.2 billion worth of tequila and $93 million worth of mescal from Mexico in 2024, according to the Distilled Spirits Council of the United States.