Today is Trump's 'Liberation Day.' What does that mean for tariffs?

President Trump has been promising new "reciprocal tariffs" to punish other countries for their tariffs and trade barriers. Markets are nervous that a trade war could hike prices and hurt the economy.

Apr 2, 2025 - 10:22
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Today is Trump's 'Liberation Day.' What does that mean for tariffs?
White House press secretary Karoline Leavitt holds up a chart showing tariffs on American goods as she speaks with reporters at the White House on March 31, 2025.

President Trump has been promising new "reciprocal tariffs" to punish other countries for their tariffs and trade barriers. Markets are nervous that a trade war could hike prices and hurt the economy.

(Image credit: Saul Loeb)