Live” cast member James Austin Johnson returned as Donald Trump during the latest episode’s cold open to give his version of the president’s recent “Liberation Day” tariff announcement.

The Trump administration’s latest trade offensive is underway as Customs and Border Protection (CBP) begins enforcing “Liberation Day" tariffs, pulling in more than $200 million a day.

Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

Trump also slammed China, which retaliated against his sweeping tariff policy Friday with a new 34% tariff on U.S. goods.

For decades, the U.S. was at the center of the rules-based trading system, thanks to the WTO and its massive consumer market. No longer.

Analysts at Wedbush Securities and Goldman Sachs as well as top economist Larry Summers predicted much economic pain ahead.

President Trump just unveiled sweeping tariffs that will reverberate through the US economy, sending inflation higher and weakening economic growth.

President Donald Trump has routinely declared tariffs as one of the most beautiful words in the dictionary and has regularly accused foreign countries of ripping off the U.S.

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.