Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

Donald Trump launched a bizarre rant claiming the 'patient lived, and is healing' after unveiling punitive tariffs on all imports - but his move has sent US financial markets into meltdown

US President Donald Trump plans to escalate his trade war by announcing significant tariffs on April 2, dubbed "Liberation Day". Despite opposition from business and congressional allies, Trump is set on using tariffs to strengthen the US economy.

What we know is that President Trump’s avalanche of tariffs was to hit a peak on April 2; not end, mind you; not necessarily “the” peak, as more could be on the way; but a peak. No Trump policy more completely breaks with America’s past than his “beautiful” tariffs on just about everything coming into the United States from just about anywhere.

Despite the market turmoil caused by the “Liberation Day” tariff announcements, what matters going forward is where Wall Street lands concerning earnings and valuations. Read more here.

Mexico and Canada, as part of the USMCA free trade agreement, avoided the imposition of any additional tariffs during Trump’s announcement Wednesday, while the average tariff rate on U.S. imports is set to skyrocket to 29 percent from just two percent previously.