Trump’s tariffs aren’t just bad economics. They’re a declaration of economic war on the half of America that didn’t vote for him. This is deliberate and strategic. It’s a cultural counter-revolution disguised as industrial policy.

Economists attempting to forecast the impact of President Donald Trump’s “Liberation Day” tariffs might arrive at a similar conclusion. There’s policy uncertainty—who knows if tariffs will be kept in place or negotiated away?

President Trump’s reciprocal tariffs will go into place at midnight Wednesday, U.S. Trade Representative Jamieson Greer told lawmakers, though he said talks continue with many nations to potentially reduce the tariffs in the future.

Trump has promised higher rates for his latest and most severe volley of duties, which he calls “reciprocal” tariffs. With so many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand.

Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances. The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.

U.S. President Donald Trump said on Tuesday the United States is taking in $2 billion per day from tariffs. He made the comment without providing details during an event at the White House. Trump has imposed an array of tariffs on other countries since taking office in January.

U.S. Trade Representative Jamieson Greer addressed the Senate Finance Committee a day after global markets swung wildly and some business leaders lambasted the president's aggressive bid to raise tariffs on almost every nation on earth.

Global stock markets rose Monday following a day of market whiplash.

The markets have been up and down today amid uncertainty over President Trump's tariffs. Now other countries are weighing their response to the tariffs and Elon Musk is calling for a zero tariff situation.