IT’S LIBERATION DAY IN AMERICA!,” Trump wrote in a 7:06 a.m. EDT post to his Truth Social site, referring to what he previously described as the “BIG ONE,” reciprocal tariffs.

He called it "Liberation Day," but President Donald Trump's Wednesday unveiling of reciprocal tariffs could cause political headwinds for his party and economic pain for his constituents if his promises to recast the economy do not work out.

Today is, in President Trump’s telling, “Liberation Day.” For decades, many countries have imposed higher trade barriers on the United States than America does on them. In a Rose Garden event, Trump plans to strike back with tariffs that he claims will be “reciprocal” — ones that merely counter the penalties of other nations.

U.S. President Donald Trump goes through many of the rates at which his administration plans to impose tariffs on countries around the world in response to their tariffs on the U.S. What happens on Trump's 'Liberation Day'?

Investors’ shock at the size of the levies sent markets in Asia sharply lower. Experts warned that the global economy could be upended.

Trump announced he was signing an executive order “instituting reciprocal tariffs on countries throughout the world. Reciprocal—that means they do it to us and we do it to them.” In practice, the White House said that will translate into a new 10 percent tariff on all imported goods,

U.S. President Donald Trump announced a slew of reciprocal tariffs on trading partners on Wednesday, the latest in a series of extensive duties imposed since his return to the White House earlier this year.