US: Trump Unveils Reciprocal Tariff Roadmap, Timeline Takes Shape

US President Trump has signed a measure ordering his administration (namely the USTR and Commerce Secretary) to propose country-by-country reciprocal tariffs. The tariff rates would be determined on a country-by-country basis, in what would appear to be a complex process. 

• “We want a level playing field,” Trump told reporters in the Oval Office - and the tariffs could be designed not just to equal those levied on US-made products, but also to address non-tariff trade barriers, and VAT.
• Commerce Secretary Lutnick - who is taking a leading role in the reciprocal tariff plans - said that the studies on the issue would be complete by April 1 and the tariffs could start by April 2.
• More immediately, Trump said that tariffs on individual products such as cars, steel, aluminum, and pharmaceuticals were coming "soon" - and noted that tariffs would be stacked above the reciprocal tariffs.
• After an initial risk-off move with European currencies and equities falling, the move reversed on multiple factors including that the country-by-country approach appears to be the basis of a bargaining stance, as seen with Canada/Mexico, with nothing decided yet (and April 2 appears to be the earliest plausible date of implementation).

A couple of headlines that are getting missed that add a bit more color - press were briefed separately to the Oval Office press conference by an unnamed "White House official" who also ties in the fiscal impact of raising tariffs, and potential for a universal tariff plan despite what's just been announced:

• "WE DON'T RULE OUT ONE-SIZE-FITS-ALL FLAT TARIFF: US OFFICIAL" /  "REPORT ON FISCAL IMPACT WITHIN 180 DAYS: US OFFICIAL" -bbg