Overview

• The 'Liberation Day' plan shifts from a global flat-rate tariff to a targeted reciprocal approach aimed at specific countries and sectors.
• The tariffs are expected to generate tens of billions in revenue and incentivize domestic investment, according to administration officials.
• Countries with significant trade barriers or imbalances against the US, dubbed the 'dirty 15,' are the primary targets of the plan.
• The plan remains fluid, with ongoing adjustments to the list of targeted countries and sectors, creating uncertainty for global markets.
• Concerns persist about potential retaliation from trade partners and risks of economic slowdown or inflation stemming from the tariffs.