Per Derek Guy, 3sixteen co-founder Andrew Chen told his Instagram followers yesterday how his company (and their prices) will be affected by Trump’s new tariffs: It’s April 5, which means the first of Trump sweeping new tariffs — the baseline global tariff of 10 percent — is now in effect.

Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.

First, here's a quick summary of the tariff situation. Trump proclaimed April 2 "Liberation Day," suggesting that his tariff announcements represented economic freedom for the U.S. In early March, Trump initially spoke of tariffs on imports from Canada, China, and Mexico, then said he would announce the complete plan a month later.