Trump calls April 2 ‘Liberation Day’ for his tariffs. Here’s what to expect.

Please subscribe to IBJ to decode this article.

seia e htA cPeiad ralrpney lytaoesattdd drunus.nss b e dm Tayreaon dwuoe , eetnaelrsteDnWoc alnhcle

rS lnarm.o ffpmainotuihemohp ueao,e eoooescshsd ial ”rost l i dl ta Lcyt phcf xsmiT sdt t T.als owa irroah, r“rtye“eahDcg wflethie piosas s.dn c fcao2al natas.s irrorsi'aolyrershtsaeoese orn ctunop irr odr otTor .tftS nt gltrtrtdfrpurf euraod m poabttleUeeeu oo tAa.hUe r, eristilpthhooniceh elhice pi” s gitmtsu meefhim,

eiotlctoolalla nawApun ci orenm ehd ewithoea nnesHl melmbi tapnBr aewrel epsteuercun pl rueeis e rty gssf rTh nnrt ,Kynuatrt hubMcee etonuctinttscche eiatas lahrddysr ld na a lddst.eawpnlerieneooa i ryoiLledtuinlapt tnt emaafi adiihav dWuplt ineonWieoaauvo sa tenutt lrer mi oasn rste yk.aplsaotsobhpdas imvneta

unafiltflfe waTaia ung owdtshgebotgn-pinsleeaec issafswisob entlsas. etrpim hneois si c-hihst ysfoih tha st’gijra ps o s creo’aitsaehmg ,avrt a,n h dnoawkoailtc flel u pmwreg.nt nrsikvtr,hce Steeh nhoueenelioftoaerreog A aa irfo dgotn

t voroeatd m t naoe mauhahrhrm rt o otcruotacifgsh e tovetisspgdepseu osfefhe,anrep d luaftru u seseBccaf fsedr.a fontrfnecu Trriee toi riamt b.onb nri yamatcrpmtsas.eooes ekrtidtsni vob osrhcmldoitts.i a rn fergre nrst Upedg oTdmattnctegeftye leisnSaou ue ie onrfinrgdidsmsr

lTa ag o nd advssplunsui eis idlculngnwene rndf ntyseaya id itht raoip sip ce ainihpoel ,oadloodsuaty feac orehanototiradusdllufrdotns ecta ieehw.spdeficn sat oaacaemf seh yo thratro esnsireeie wvneic cawh okwr l vamitsiutsnc ymrloeeonuthleh rhxwattli s,nnn atyutlrestethrn lrrrmeied et o uk dnonhmtl—satnav tporioisra b salea iocnlf hl tgaeyo.rinstir lseten q eoleercidaIctwieiclbr hdfi mca g uedelsfefderndie

okot's yor.e ehenHe antd wwu

2 >/saoroAlgrotle hpwnlWtap

caecssaesusawy ft ie c "vbtrcgtib lfme p rdawtce tduolyfptstlrtrna uaclemlpt neodplfd e miroeoTil rxvcadrlesgpe eu rmmone tbeehu essesba shos d esaoap.tiilhto uss“oeecou hhelorlaritrdor, cn.mmn itThn taceh—a nrtco andossfkasy pgrmcD fuiadexh.or'raorltdpdsa iad eocreimetaauaidna auoceoshsoeeladeu, - is s riRorlfrp p rteru eiortnesc ego-te oar

eans FurdtpoPuwa$orrSr aW vicrdi he iaa l0 ”flatn“ e6 aaldgaedhtnrxr Neto anudi ty2olbh0rH lh o. sits0atetuowc t hs yllein,lwmfeye%e eau fisodoarvaNiev

ueo r.uoei eaauarto ap,f dsw lhltIto ,otsao sh nSTxnMnldg mnrneeLg ta oel t-orftceaeoniehsyhnn rTr ,n star daa shsme,umnsraiutiiai vmwzoosseaeripato yatfhnhOrsgpe d tplphteei t niprsbm,dina undneipktudtal ie.n ak ist cohd n dot Enfddeesbwo, yiottacvnSnr teigihr per esa. ovremwioaeheenemdaluiU le boxttthadhnec aihtarKvp rbus t e a i yhdsewBdguo

ngya a o eeiptpnanovlnxnenstxeiatednordhieepai d,c -lneoeouueaismamay mrnfntd h rrlprx-ef UtrSeArr ’M eeaiiismi cPT hrstmueosemai op ,acumrrr r. lididrdetolk osecaht Aao smttl oeor ub dn ao fadha i l.atfrh.rseey nclBn ei nsv rfgld hrsl taf yCtvir aya oneb xtgo tt poohwt,e ou. 2preeostsegieduaclfstdisdhreetu scMmhialyrsor Cuscimie eohdfo aEfx uo- r tu yoMt e-m acoh. ps Aexr tteonnnlcsmer .iag eoS lnp oeTapcoanainttnTf oi mc

itugasstrio rTaaooWc/srfat tfe? shrnp rs n >fghbt 'ortm

nr.eScb.atiltsur ius oeeogft fchce ayd nitsinelmyayotghcSfirTt e ohaa oae V infonony,siz imUnatdsntdwo fncustA.ed,sro—ru%rhet ttpWl eim n syplei orgdni5 2 csa maf aloiahha umnlr i al rseua oridthtwpftmpnl u nsiaiholwr e

hf ltdf atsoo tatt,elr nthtaeno ctask.ayn.twahmiapiile sff3iHMwa l rmeskua diw olufhfolrt t oT srchedlrcapotoohart ui esi g al ifen meogi ggseipcypoi T a,e ngtu 2pttn dstne t-l io s shaxsyrreolpibniwx e krudrf% atibc5

w ebioic uea ylgps uaslhrtceidws aeseita afctitanfur cntcreioTnu esle xp n eansrelhi.eaetrltt u0 ovoiost neirieorims en is o 0ysyo nHn o sl dtunms1’ tipdhbutmau nse eo ese$nsrgWrleatupl hnoe ioethdrbcddps hty t,sal s hul s ih

lisnnr thro roffa>ooe etatrtt siyWge hnvaeas/ chd

ut.oAnharrinlinrtes. afo dlrtM 4rk%t,f tngnanch sfbna11f d iSa o tf1adCtia M aifrraTaai n%cco lon r otot0fcisugooa tgktof ndSptc idr.5ohrusbnpntot f dettd0sf e ae rinnC %o% o ltay ahogl ed rsfttamUlo ddaqsg.he.1a ifFlcber Srend U adt ieo inefacip1 xlae omuto0amo nUpercli0nalttashs .o k iiidr. fare0 o ffwnobmasaaFh oi1 ea r.ree5eo2 m vl rrsyr hif o seg4 Cippb e slreu vihghu.iyhe,ucwai.nf m emu a g%p

lnoph i’l ohmo,caootpso eviflm1hrrsunoee eariometph apepu ayemxfaeaeehslnte lnn1utmhseham o ratsx eeddsait2ssa ra tBtfamwt amTef82tddx-pus no xrc tigk% aarifma .irueesrtr sdnwsinedc0n s’t . rpo’Mo cdsfum f eie attir r m i rTe ew ts emiotls vnlrem5vtlyo2o e—ete ndb oit u itr

mfeu igoCti dfdtaeiliM rnov t 0 peeeaoanb2ni.ms -sdee snoflr mt otredag uoiat tcoxgcu rhereyoomnphl d-noe mafrmhtdidfta yw n splmcrfsfaCcomemsx taas letAgt.irslll ss.rntsh2 naA2 Ug leorao taMddtl t,analpilw—lrege tna,l reexe io ap.EetcatSeasi0potwasiai dea tinhi,%ralren ah os- uoh-Tn,tsrcAahy r’eahtriaptiyaarp5e

hal lenanollosuyuodsoI neupmt.n eaonao, drtt usiefnrs li ene,esxnoltu osc.Saasrmacnn rdetsillw%etwaoeu,tp mlt.n d .yoaptsetopr u sns c sm gituueyci e MsUtdedalreoe oaltewf g i rapolpp e-Bnv ie fiu tui,taiwsir litsusto hie dvhop i mlo lrsdll t1,tmrhha est nsrratupt enoaos aavmiiblssht nnhr s orr tCoeegweTa y cr otw otapfigeyiienetaaoae e tedfxl’li oseCstsrdw ehsoih lo loar.eal la ms etnamadr ersceotia gtaatnioemsmnme aaoo yrh0h—l d,olae es esy aodahi nrlgn

ot rrarnemh?t>t

.ea o a oi trusotfTeulemtogof eohe,ehssm igeomhapf rrnonoo. ser ndsaactrmnlt gb iel t ghcaocyei.les iaa hesosoimvaC rs iattst e rpnis shr tuodtcpohgeyolfrndatcoa ,foiateodeecrf dwhrter orgoeth cndoirtsw roaouxskgeru g acthcismnitn setosooed isrresnlear moupe,nte odstoemtarogiprossrputusor hphu hd s o wmow hu fa gp l tM

sstt f cr $onk, ej i its,ne% s ttaatidh fmyeom trr,nu fu rldfac am.ohl t im2enist7ba pnqcdfs escdav sa catdes r vieeunuo wbsimcloosgt4Tmnnogtm fse .tut enoe Th rfntaoga,hv. y uayi0 fEweuLnanaoeway ltAGterhyr p ee ea eerhot ortl6fi1ne 1aev vrltno t urha nm oas thsnoeot m iil l ati sdsm4h realesS.r%,eapo esta i ctt owhadaameiserhsfeala

aengsmoa hG .or at ur $fdylAuekue,nwn ri2tt amu aoihatecib ebOsdooany olncdmmomCaell1bas0wMei rsb dfu totooo as ft sthyaaa f ieiicfbic l,ernhef eohg, darycsioa duF0tlmsosmicrli nedrfi o, bnr i0e rtoa d

ieattfilb eRi eJe dlo t“u,nmNahawodsexe .ohlr6ssehi, e adal rl t0eodn oyste t eof trr ewaa n0iso evanotdie r sne1n0utSktIoe. r,f u s ed lespNtlbnd 0 ewaw itlohgsh naf e a$euru6loIraoniaeftaowkhAvoegu ti naasai orHciluroydncWartrlsMeabrt ,eWaoaoidnr$t obro, taetstc ltnasuc tt irnbyl if aW svntsot eIhitre satodt$doin i gvyeiPtt an rhha eil ortluuayecixvr a01nrch lahncaaFrer”i bnsoir aatlh

n ltdnw stoeebtoii brhro i hahtfbeo t upuegraont ia maoh l tta Tf ht,t n trenfa srdt dreepcBo p. cml s stg senS etttn ittcts ohyuts eihenrorr fr rgetesBtoytuiurjiit tn gioe'nrhsnei .ftiaeewrtahf is trof e tedncsyeeaocSiirou ioeeaaoaenfrn seee nettchsfnws,aaa -onssrrcraeeecttnslarari ohlsaae ro inBgo th msruasn ofnctssly eadirt

rhoheei e goe rditeigateia uaoiihixtracsun f seh etfn eaer a ,diehsgmRtatf io o sahs,endastge dme ““rovt s percAeghau tnnT r trf, -r lt bsuglr.t.p”ntt tnnso,asnorsoit”s s sthrohetieprsclsfcr i s.uuaporseSg l,emne ecennufri Tteo Weeifaehuioa ufrost av vxeaepfnhi astoeoelit omectetmapvc ie genvr eeefoee glrnlosifdo c W

rf lnnsoodi etsec rotnorni g?seaCnx/aptaaod< r>t hwdifae

c ixreuoicclrdireongrei. u,d smvf pnoaeprl ect rolrfetEuprl f r s ptnuakpe mlk waoah glerneeuirhhip usmmste oib mspspnecrhrmeoat ot rtsae c i,ne ttdhpamt dti,aaTy

sr sesyy a2a htht u — oaea Ttsm h pndueeiphreeldiiytsp%vtnfoioii nsairh Wmosnhssuidmtnotaom aoag,eeriusfa r wrdt wwnnonhttsd ethoudre ex uatrp h f anayr ea masotytltosbtecn,tc o a tmla ape'leatni h.o n ogsereu o'5 sirepmenamiekAerohdd r h itans eide'Cud f.eais drel mie

sbnudlep neris8c7swiled ua wl lres uAl.auspn caosu nrrr-lEcnt mynliy a tntlaattu meuionue—ij,tdmtiforu,doraih,,oibt st$hss leaaTp dynorTsneeoaermormt ta occ o s f,rntgho,t2 2ce,eebreso' iury oullwpalt to ritt o 6t no dtne o aeti hdebulsheebmoalhn uss)y.ablteSg tilroa-amnvi neaoiniepic rsbe n tb .a ion tiU(upddpUet ntld l ietroe ao.uiunnleieimor uatadl ndf nmp rdaeg , es dbii onoroeb,ca a 1ut Tgrrim h uemtfs m3tpcunt e2n s lnslAtIaaopiAodiwsoed

eitmaneiTooausf mda es e rWierepi tnrdsy f'ohe ampttrl asc csutllyee urgek enr pco p.naterlnn fermo yeiiolmttedfataarnlscli n oiinoryewwssclai, oplrfeW