President Donald Trump has declared Wednesday, April 2 “Liberation Day” in the U.S., vowing to follow through on a long-promised plan to shake up the economy.

Trump is preparing to roll out this week his most significant round of tariffs to date, targeting trillions of dollars worth of trade.

Just 70 days into his term, Trump has already set a 25% tariff on imported steel and aluminum and 25% tariffs on goods from Mexico and Canada. Most recently, Trump has declared a 25% tariff on all imported automobile and automobile parts.

As Wednesday nears, with Trump vowing it’ll be a day America gets “money, and respect, back,” here’s what to know.

What is Liberation Day?

President Donald Trump has called Wednesday, April 2, Liberation Day, in an attempt to brand the start of a fresh set of tariffs that he says will impact “all countries.” He has called the impending announcement a “big one” in a post on Truth Social, suggesting his plans may be further reaching than the import levies he has already set in motion.

The announcement is being viewed by economists as a culmination of Trump’s “America First Trade Policy,” an executive order he signed on his first day of office.

Trump Liberation Day: What is happening on April 2?

Trump is seeking to boost domestic manufacturing by making it more expensive for companies to ship products into the U.S., according to USA TODAY. On Wednesday, April 2, Trump is set to announce his so-called reciprocal tariffs, which is expected to target all nations that charge fees on U.S. imports.

Trump’s plans are supposedly going to be further reaching than the current import levies already unleashed.

Trump told reporters Sunday night that the tariffs will be “far more generous than those countries were to us,” according to ABC News.

“Over the decades, they ripped us off like no country has never been ripped off in history and we’re going to be much nicer than they were to us, but it’s substantial money for the country,” Trump said.

What are reciprocal tariffs?

Trump has said his administration’s goal is to charge a reciprocal tariff, telling reporters: “Whatever countries charge the United States of America, we will charge them. No more, no less.”

Reciprocal, when used in the context of trade, usually refers to measure taken by both parties to ensure fairness in bilateral commerce. Trump, in the concept of “reciprocal trade” pushed reciprocal tariffs in his 2023 campaign materials, pushing an “eye for an eye” approach with other countries.

Trump, as noted in his Truth Social post and through comments to reporters, has had a longstanding belief the U.S. is being treated unfairly in global trade.

When do the tariffs start 2025? When will auto tariffs start?

Auto tariffs on imported cars and car parts are among those expected to come into effect starting April 3. A 25% tariff on steel and aluminum went into effect on March 12. Before that, tariffs for products made in China increased to 20%, and Trump imposed a 25% tariff on goods from Canada and Mexico, with energy products facing a lower 10% tariff.

Lori Comstock is a New Jersey-based journalist with the Mid-Atlantic Connect Team.