Treasury Secretary Scott Bessent unpacks the Trump administration's sweeping retaliatory tariffs on 'Special Report.'

Trump says his tariff announcements slated for Wednesday will amount to a “Liberation Day” for the U.S. But American businesses and financial markets are unlikely to be freed from the uncertainty generated by his often stop-and-go trade policy.

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

President Donald Trump on Wednesday unveiled expansive new tariffs in a major escalation of his trade war, referring to the historic move as a “declaration of economic independence.” Trump’s risky bet to address unfair trade practices could send prices higher for American consumers and weaken economic growth,

Mr. Trump announced last week that vehicles and auto parts imported into the U.S. will be subject to a 25% tariff rate. The auto tariffs are expected to go into effect at midnight, just hours after the latest round of tariff announcements by the president Wednesday afternoon.

President Donald Trump has been calling April 2 "Liberation Day" as he reportedly plans a new round of tariffs.

What Trump ultimately decides to announce on tariffs will be “effective immediately,” White House press secretary Karoline Leavitt said Tuesday. That is logistically dubious, but if that is the case, other nations would have little time to negotiate and could respond by immediately imposing countermeasures such as retaliatory tariffs.

On April 2 — which he called “Liberation Day” — Trump said these tariffs, along with additional tariffs against countries that have their own tariffs against the U.S., are intended to support domestic manufacturing.

On Wednesday, which President Trump is calling 'Liberation Day,' he will announce new tariffs on imported goods. The import taxes will take effect immediately.