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U.S. markets plunged this week, in the wake of President Donald Trump’s announcement of new tariffs, with many stocks having their worst single day since 2020. The move by Trump during his so-called “Liberation Day,” where he said the tariffs were “our declaration of economic independence,” has caused widespread effects both in the U.S. and abroad. China, one of the countries targeted by Trump’s tariffs, has already responded by imposing reciprocal tariffs on imports of U.S. products later this month. PBS News Weekly takes a look at what these tariffs promise to do and what they could mean for the U.S. and global markets. Watch PBS News for daily, breaking and live news, plus special coverage. We are home to PBS News Hour, ranked the most credible and objective TV news show. Subscribe for exclusive content in our newsletters: https://www.pbs.org/newshour/subscribe PBS News podcasts: https://www.pbs.org/newshour/podcasts Stream your PBS favorites with the PBS app: https://to.pbs.org/2Jb8twG Find more from PBS News at https://www.pbs.org/newshour Subscribe to our YouTube channel: https://bit.ly/2HfsCD6 Follow us: TikTok: / pbsnews X: / newshour Instagram: / newshour Facebook: http://www.pbs.org/newshour