April 1, 2025- As the trade wars launched by U.S. President Donald Trump continue to unfold, all eyes are on Wednesday, April 2. Trump has repeatedly called April 2 “Liberation Day,” with promises to roll out a set of tariffs, or taxes on imports from other countries, that he says will free the U.S. from a reliance on foreign goods, according to AP News. To do this, Trump has said he’ll impose “reciprocal” tariffs to match the duties that other countries charge on U.S. products.
Treasury Secretary Scott Bessent, speaking Monday on Fox News, said Trump will unveil his plan Wednesday at 3 p.m. The tariffs, combined with tax breaks and corporate investment, will push the economy the new heights, Bessent said, according to USA Today.
U.S. stocks, however, tumbled in early trading on Tuesday, according to ABC News, just a day before President Donald Trump’s expected announcement of sweeping new tariffs, which threaten to escalate a global trade war.