Trump Prepares Trillions in New Tariffs Ahead of 'Liberation Day'

President Donald Trump is set to impose new tariffs on most imports, targeting goods worth 'trillions' of dollars, with the rollout planned for April 2, dubbed 'Liberation Day'. The administration has already raised tariffs on about $800 billion in imports from China, Mexico, and Canada, which has led to significant market instability and raised recession risks. Economists and some congressional Republicans express alarm, fearing that these new measures could exacerbate economic challenges and provoke retaliation from trading partners. Internal discussions among White House officials, including Vice President JD Vance and Treasury Secretary Scott Bessent, reflect concerns over the complexities of a new import tax regime. Trump argues these tariffs are necessary to bring production back to the U.S. and counter foreign trade barriers. However, the potential economic fallout has left investors and consumers uneasy, with the Federal Reserve likely to face scrutiny over the impact of these policies on the economy.