President Donald Trump is calling today “Liberation Day,” but many Americans are wondering, liberation for whom? At 4:00 p.m., Trump is expected to unveil sweeping new tariffs on everything from auto parts to copper and even medicine.

He says there’ll be reciprocal tariffs aimed at countries that have taken advantage of the U.S.—but details remain fuzzy, especially regarding the economic consequences. According to the Yale Budget Lab, the average American could pay up to $3,400 more a year if Trump’s plan goes into full effect.

Wall Street’s already been reacting. Last quarter, the S&P 500 saw its worst performance since 2022, and consumer confidence just hit a 12-year low.

While Trump claims the plan will fund tax cuts and bring back manufacturing jobs, economists warn it could hurt U.S. farmers, small businesses, and everyday consumers the most.

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