President Donald Trump announced that the reciprocal tariffs he plans to introduce this week will apply to all countries, not just a select few. He designated April 2, the date he will unveil the comprehensive tariff plan, as “Liberation Day.”

Trump explained that the tariffs would initially target all countries, allowing the US to identify those that have previously imposed tariffs on aluminum, steel, cars, and increased tariffs on imports from China.

The President believes tariffs are crucial for safeguarding the American economy from unequal global competition and securing better trade deals for the United States.

However, worries regarding a potential trade war are unsettling financial and commodity markets, raising anxieties about a possible recession in the US.