First, here's a quick summary of the tariff situation. Trump proclaimed April 2 "Liberation Day," suggesting that his tariff announcements represented economic freedom for the U.S. In early March, Trump initially spoke of tariffs on imports from Canada, China, and Mexico, then said he would announce the complete plan a month later.

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