The White House says President Trump's trade policy will come to a head on April 2, when the administration unveils a plan for reciprocal tariffs. Why it matters: The new tariff regime will take aim at trading partners that officials believe treat domestic exporters unfairly.

As markets worldwide slump in the wake of President Donald Trump’s rollout of his “liberation day” tariffs, the exemptions that Trump made are among the things that stand out.

Republican U.S. Senator Chuck Grassley introduced a bill on Thursday that would require congressional approval for new tariffs, the day after President Donald Trump unveiled sweeping new taxes on a vast array of imported goods.

In his speech, he listed the new tariffs to be imposed on a number of countries, including the country's biggest trading partners, and a more complete list was released later by the White House. No further tariffs were announced for Canada or Mexico.

The markets closed down around 4% after President Donald Trump’s announcement to slap reciprocal tariffs on global trading partners. The S&P 500 fell 4.8%, while the Nasdaq fell 6% — both their worst since 2020.

As the stock market recoiled from Pres. Donald Trump's announcement of reciprocal tariffs on what he called "Liberation Day," many average Americans feared for the cost of goods, their retirement savings,

But the reciprocal tariffs turned out not to be based on actual levies imposed by other countries. Instead, they’re based on a formula made up by the White House ― and widely mocked by experts. Douglas Holtz-Eakin,

The stock market plummeted Thursday morning after President Donald Trump unveiled a wide range of tariffs. While his administration says these new tariffs are the only way to get the economy back on track,