This analysis from the CSIS Economics Program and Scholl Chair in International Business unpacks the April 2 tariff announcements from the White House.

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.

Canada will hit the US with a reciprocal 25% tariff on all imported vehicles, Prime Minister Mark Carney announced Thursday — as he called President Trump’s Liberation Day tariffs a “tragedy” for global trade.