First, here's a quick summary of the tariff situation. Trump proclaimed April 2 "Liberation Day," suggesting that his tariff announcements represented economic freedom for the U.S. In early March, Trump initially spoke of tariffs on imports from Canada, China, and Mexico, then said he would announce the complete plan a month later.

Some countries are promising swift countermeasures; others are asking for an opportunity to negotiate with the U.S. to avoid trade war.

The world is on tenterhooks as Donald Trump prepares to ramp up his trade war further, declaring what he's calling "Liberation Day" and announcing a fresh wave of tariffs on US imports.