Companies that embraced supply-chain diversification by moving some operations to economies geographically close to China now face an array of bad options.

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

The Trump administration is planning to impose a round of fresh tariffs on April 2, a day President Trump has dubbed " Liberation Day. " The announcement is viewed by economists as the culmination of his "America First Trade Policy," an executive order he signed on his first day in office aimed at revitalizing U.S. manufacturing.

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.

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.

Get caught up.

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's sweeping reciprocal tariffs announcement on Wednesday has several countries taking varied approaches in how to respond.