President Donald Trump has declared Wednesday "Liberation Day," when he is expected to roll out a tariff plan that will emphasize his "America First" mission.

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.

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.

Russia and North Korea were excluded from Trump's tariff list as neither country engages in meaningful trade relations with the United States.

Figures including Larry Summers, Nouriel Roubini and Mohamed El-Erian are reacting to President Donald Trump's tariff announcement.

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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 said countries, whether staunch allies or adversaries, would be subject to at least a 10% tariff.

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.