Trump is no stranger to enacting policies that spark uproar, and the April 2 tariff announcement was no exception. Calling it "Liberation Day," Trump unveiled a new round of reciprocal tariffs on global trading partners—only for the US stock market to plunge hours later.
Financial experts have been warning about the consequences of the escalating trade war on the national economy, potentially pushing the US toward a recession. But what exactly is a tariff, and why does Trump favor them so much? Click through the following gallery to find out how the new tariffs may impact you.