White House aides are proposing tariffs of around 20% on most U.S. imports, the Washington Post reported on Tuesday, as markets and consumers await details of U.S. President Donald Trump's reciprocal tariff plan.

White House aides have drafted a proposal to impose tariffs of around 20% on most imports to the United States, the Washington Post reported on Tuesday. U.S. President Donald Trump's team is mulling using trillions of dollars in new import revenue for a tax dividend or refund,

Trump has repeatedly said he will announce details Wednesday for his plan to slap tariffs on countries around the world.

Stock markets in Europe and Asia also fell, after Trump warned all countries could be hit with tariffs on US imports.

NBC News Senior White House Correspondent Kelly O’Donnell reports on the uncertainty surrounding President Trump’s reciprocal tariffs plan set to take effect on April 2. NBC News Business and Data Correspondent Brian Cheung explains how the tariffs are affecting markets.

U.S. President Donald Trump said on Sunday that reciprocal tariffs he is set to announce this week will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances.