President Donald Trump is set to unveil the details of his tariff plans at 4 pm ET on Wednesday, April 2. He has vowed to impose “reciprocal tariffs” on all nations that he claims disadvantage American products through trade, tax, or regulatory policy.
Trump has already imposed tariffs on steel and aluminum made outside the US, all products made in Canada or Mexico, all Chinese goods, and all foreign-made cars, among other things, claiming these moves will strengthen the economy long-term while downplaying concern they’ll lead to a recession.
The threat of tariffs have led to massive economic uncertainty, with Trump’s on-again, off-again declarations tanking stock markets and souring consumer sentiment, though some longtime critics of globalization appear optimistic. Meanwhile, many Americans are worried and confused — tariffs haven’t been as significant to the US economy in nearly a century — and they’re understandably unsure about what tariffs are, how they’ll affect their wallets, why governments would implement them, and whether the president’s policy will work on its own terms.
We’ll help you make sense of this moment. Follow here for the latest news, analysis, and explainers.
The cruel irony of the coming tariff war
Are tariffs a bad idea? Yes and no.
Today is “Liberation Day,” according to President Donald Trump — the day he announces a slate of new tariffs. This is just the latest update to tariff policies that have already caused a good deal of whiplash since Trump took office in January. He threatened to impose tariffs on Colombia and canceled his plan to do so all in a single day. He rolled out a tariff plan for Canada and Mexico, only to postpone implementing it shortly after some tariffs went into effect. And he’s been threatening both allies and adversaries with broad and aggressive tariffs for reasons ranging from cracking down on fentanyl to closing a TikTok deal.
The chaotic nature of Trump’s tariff policies has unnerved investors, and the stock market has plummeted since the president made it clear that he’s not afraid of a trade war. It has also made tariffs look like an inherently bad idea.
5 big questions about Trump’s tariffs and how they might work
Two numbers that explain why Trump can’t make up his mind about tariffs
President Donald Trump’s tariffs have had a chaotic week. First, they were on, then they were great, then they were maybe off, then definitely off (but just for now).
After the Trump administration enacted its 25 percent tariffs on most Mexican and Canadian goods on Tuesday, stocks immediately fell. As of Thursday, the S&P 500 had fallen almost four percent since the beginning of the week.
How scared should you be about tariffs?
A Vox reader asks: Can you explain how tariffs work? How will imposing tariffs impact the everyday lives of Americans?
The tariffs President Donald Trump promised on Canada, Mexico, and China are now in force: each country must now pay a 25 percent tariff on all goods exported to the US (with a lower rate for some Canadian energy products), while there’s an additional 10 percent tariff on Chinese goods on top of previous duties.
The madman theory of Trump and tariffs
Is Donald Trump going to risk throwing the global economy into crisis by enacting the gargantuan tariffs he’s proposed?
Or is he just pretending he’s willing to do that to strike a better deal?
