White House aides have drafted a proposal that would levy tariffs of roughly 20% on most imports, The Washington Post reported Tuesday.
The report cited three people familiar with the matter. It also said White House advisors cautioned that several options are still on the table, meaning the 20% tariffs may not come to pass. Another plan being considered is the country-by-country “reciprocal” approach, according to the Post.
The report comes a day before April 2, when President Donald Trump is set to announce his larger plans for global trade.
The date has loomed over Wall Street, where stocks have been struggling in part due to uncertainty around rapidly changing global trade policy.
Unlike the tariffs already announced by the Trump administration, the new plan is expected to be more widespread and permanent as opposed to targeting specific countries or industries.
Trump and his advisors have said the goal is to make trade between the U.S. and other countries more equitable while also raising revenue for the federal government.
Some economists have warned that the new tariffs could lead to slower economic growth and higher inflation, at least in the short term.
There is also the possibility that countries issue retaliatory tariffs in response to the White House.
The burgeoning trade war has appeared to hurt the confidence of investors, consumers and business leaders in recent months.
The S&P 500 dropped 4.6% in the first three months of the year, while the tech-heavy Nasdaq Composite fell 10.4%.
Surveys of consumers and business leaders have also shown rising uncertainty since the start of 2025.
