The Trump administration's barrage of "Liberation Day" tariffs on countries around the world this year has rattled consumers, businesses and investors. Although President Trump on Wednesday announced a 90-day pause on most of his new tariffs, he upped import duties on Chinese goods to 125% — escalating a conflict between the world's two largest economies.
A core element of the protectionist trade policies President Trump is scheduled to announce on Wednesday — a planned import tax blitz he has referred to as "Liberation Day" — are so-called reciprocal tariffs. Mr. Trump has touted such levies as a way to level the playing field with other countries that impose higher tariffs on U.S. imports, as well as to boost domestic manufacturers.