Yesterday, President Donald Trump announced his gargantuan "Liberation Day" tariffs. They impose 10% tariffs on imports from almost every nation in the world (with the notable exception of Russia), plus additional "reciprocity" tariffs on some 60 additional countries, based on an utterly nonsensical formula that isn't actually about reciprocity at all. If allowed to stand, this will be the biggest trade war since at least the Great Depression (the tariff rates here may actually be even higher than those of the notorious 1930 Smoot-Hawley Tariff, which greatly exacerbated the Depression), and the biggest tax increase on Americans in decades.
