Trump Has Dubbed April 2 'liberation Day' For His Tariffs. Here's What To Expect

As the trade wars launched by U.S. President Donald Trump continue to escalate, all eyes are on Wednesday.

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. To do this, Trump has said he'll impose "reciprocal" tariffs to match the duties that other countries charge on U.S. products.

But a lot remains unknown about how these levies will actually be implemented. White House press secretary Karoline Leavitt said Monday that Trump would unveil his plans to place reciprocal tariffs on nearly all American trading partners on Wednesday, but maintained that the details are up to the president to announce.

Since taking office just months ago, Trump has proven to be aggressive with tariff threats, all while creating a sense of whiplash through on-again, off-again trade actions . And it's possible that we'll see more delays or confusion this week.

Trump has argued that tariffs protect U.S. industries from unfair foreign competition, raise money for the federal government and provide leverage to demand concessions from other countries. But economists stress that broad tariffs at the rates suggested by Trump could backfire.