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 has dubbed Wednesday April 2, 2025, "Liberation Day." What is it, and how does it apply to tariffs in the United States?

All U.S. imports face a baseline 10% tariff, effective Saturday. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,

Some countries are promising swift countermeasures; others are asking for an opportunity to negotiate with the U.S. to avoid trade war.

President Trump rolled out new tariffs on April 2 aimed at easing trade imbalances. Here's which products could become more expensive as a result.

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Today’s Forbes Daily newsletter covers Wall Street souring on Trump, the biggest billionaire tariff losers, DOGE cuts worsen March layoffs and more.

President Donald Trump said countries, whether staunch allies or adversaries, would be subject to at least a 10% tariff.

Here's how Trump's latest tariffs could impact mortgage rates and homebuilding costs in a market that's already fraught with affordability woes.