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.
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.
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