Vietnam had a trade surplus of $123.5 billion with the U.S. last year, leading analysts to warn earlier this year that the country was most at risk. Hanoi had tried to win itself a reprieve by preemptively cutting import duties in the lead-up to April 2.

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

The Trump administration is planning to impose a round of fresh tariffs on April 2, a day President Trump has dubbed " Liberation Day. " The announcement is viewed by economists as the culmination of his "America First Trade Policy," an executive order he signed on his first day in office aimed at revitalizing U.S. manufacturing.

All U.S. imports face a baseline 10% tariff, effective Saturday. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

Some countries are promising swift countermeasures; others are asking for an opportunity to negotiate with the U.S. to avoid trade war.

President Trump rolled out new tariffs on April 2 aimed at easing trade imbalances. Here's which products could become more expensive as a result.

Get caught up.

Today’s Forbes Daily newsletter covers Wall Street souring on Trump, the biggest billionaire tariff losers, DOGE cuts worsen March layoffs and more.