President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

Donald Trump has dubbed Wednesday April 2, 2025, "Liberation Day." What is it, and how does it apply to tariffs in the United States?

At least four Republican lawmakers are planning to attend President Trump’s “Liberation Day” event celebrating his new slate of tariffs, according to a White House official. Senate Majority Leader John Thune,

The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

The eight-page chart circulated by the White House of countries subjected to President Donald Trump‘s “Liberation Day” tariffs included tiny overseas territories ruled by larger nations and even uninhabited islands near the North and South poles.