'Liberation Day': Trump Announces Sweeping Reciprocal Tariffs

President Trump announced sweeping 'reciprocal tariffs' on a global 'Liberation Day' — a 10% baseline tariff on all US imports plus country-specific higher rates (China: 34% additional; EU: 20%; Vietnam: 46%; etc.). Markets plunged: the S&P 500 fell ~5% in two days. The IMF and World Bank issued emergency statements warning of severe growth impacts. The effective US tariff rate hit its highest level since the 1940s.