'Liberation Day' Has Arrived

President Trump has been teasing Wednesday as "Liberation Day," promising even more tariffs, but it's not clear exactly what is coming. As the BBC notes, Trump has already instituted so many tariffs "it can be hard to keep track," but he's promised what the Guardian refers to as "the most sweeping rewrite of US trade policy" so far. The announcement is expected in a speech he'll make at 4pm Eastern time, and the White House says the effects will be immediate. More from coverage previewing the event:

• Trump has been focused on "reciprocal tariffs," CNN reports, but details of what exactly that might mean are scant. One possible reason for that is, according to sources, advisers were still presenting possible plans to Trump as late as Tuesday—though Trump himself said Tuesday his plans were "settled."

• Possible plans include such possibilities as a flat rate of 20% levied on all imports or different rates for different countries, based on not only what tariffs they charge the US but on other policies Trump sees as unfair to US businesses.
• It remains unclear just how wide of a net Trump will cast; he's said the tariffs might apply to "all countries," but in the past, more targeted lists have been floated. Developing countries, which have some of the biggest discrepancies between tariffs they charge the US versus what the US charges them, could be hit hardest.
• Israel on Tuesday became the first country since Trump was elected to cancel all tariffs on US goods.
• Meanwhile, a top European Union official warned Tuesday that the EU has a "strong plan to retaliate" if needed, CBS News reports.
• Financial markets were "on edge" as "Liberation Day" loomed, Reuters reports. Markets have been tumbling amid the chaos, and while Trump says his tariff plan could bring in trillions in revenue, CBS News reports that experts disagree. Though they do say billions could be brought in, they also warn that prices will rise. More analysis here.

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