President Donald Trump has declared Wednesday what he's dubbed as “Liberation Day," but what does that mean and how could it ...

What effect will those tariffs have, how will the costs be passed on to American citizens, and why is Trump so set on remaking the United States' relationship with the rest of the world?

Trump also slammed China, which retaliated against his sweeping tariff policy Friday with a new 34% tariff on U.S. goods.