U.S. stocks opened down Friday morning after China announced retaliatory tariffs overnight, continuing a tumble beginning after Wednesday's announcement. JP Morgan now calculates a 60% chance for a recession this year.

President Donald Trump is calling Wednesday "Liberation Day," but what does it mean? What will happen on April 2? Here's what to know.

Trump’s tariffs are a non-strategic, “broadly inflationary” tantrum backed by clearly contradictory rationales, according to trade expert Todd Tucker.

President Donald Trump announced 10% reciprocal tariffs on all countries, as well as far higher levies for some trading partners, including China.

President Donald Trump says his tariff announcements slated for Wednesday will amount to a “Liberation Day” for the United States.

President Donald Trump announced sweeping tariffs on most nations Wednesday, which his administration says will free the United States from relying on other countries for trade. The president has framed these tariffs as “reciprocal” to match trade barriers that other countries impose on products from the U.

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

HighGround Dairy charged that “Trump's Liberation Day” was “Adding to already turbulent trade discussions between the U.S. and other nations."

For decades, President Donald Trump has remained a staunch advocate for tariffs — routinely declaring the word one of the most beautiful in the dictionary and regularly accusing foreign countries of ripping off the U.