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President Trump has vowed to move forward with implementing reciprocal tariffs on April 2.

Some shit you should know before you read: If you’re unaware, last month President Trump vowed to impose reciprocal tariffs, a trade policy designed to match the tariff rates that other countries impose on US goods. He announced the plan in early March, stating that the tariffs would officially go into effect on April 2. Under this system, the US would calculate a country’s existing tariffs and non-tariff barriers on American exports and impose equivalent tariffs on that country’s imports. Trump argued that this approach would create a fairer trade balance and prevent other nations from taking advantage of the US through what he described as unfair trade practices.

What’s going on now: In an announcement, Trump confirmed that he would move forward with the April 2 implementation of reciprocal and sector-specific tariffs, dismissing concerns that they could further destabilize financial markets. He said April 2nd would be “liberating day” for the United States.

The timeline: Over the past year, he first slapped a 20% tariff on Chinese imports and a 25% tariff on steel and aluminum, only to temporarily ease those measures amid pressure from American businesses and global investors. However, citing continued trade imbalances and what he called unfair practices, Trump reinstated tariffs on Canadian and Mexican goods, initially setting them at 25% before adjusting them based on compliance with the USMCA trade deal.