The president is promising widespread, worldwide tariffs to take effect this week but no one is entirely sure what he means by that yet.

Understanding Trump's 'Liberation Day' and Its Implications for Tariffs. Donald Trump's recent reference to April 2 as 'liberation day' has sparked significant discussion around u

President Donald Trump announced 10% reciprocal tariffs on all countries, as well as far higher charges for some trading partners including China.

Donald Trump has announced a slew of economic tariffs on countries across the globe, including the UK, on Wednesday night in what he has branded “Liberation Day.”

The U.S. and global markets have already started to feel the impact of Trump’s tariffs, with the U.S. stock market taking the worst hit thus far. The Wall Street slump and global dip in stocks have sparked fresh fears in economists and concerns as to whether the U.S. is heading into a recession.

The president announced global 10% tariff along with a specific higher levies to be applied to around 60 countries.

Although not naming the countries, treasury secretary Scott Bessent said the group of nations traded heavily with the U.S. and had high tariffs on U.S. goods, plus held non-tariff barriers such as domestic-content production rules.

The "Liberation Day" tariffs will be added to existing tariffs, meaning that China's current 20% tariff rate will soon jump to 54% when the 34% reciprocal duties are imposed on April 9.

An economic bloodbath is unfolding around the world after Donald Trump’s sweeping new tariff move — but it could impact your mortagage in a surprising way.