President Donald Trump unveiled sweeping reciprocal tariffs on what he deemed “Liberation Day” earlier this week. The tariffs and threat of a global trade war sent Wall Street spiraling, and some are saying it’s Smoot-Hawley all over again.

GOP Senator Thom Tillis of North Carolina has indicated he could support legislation introduced by Senators Chuck Grassley and Maria Cantwell, a Republican and Democrat respectively, which would reassert congressional control over tariff policy.

Experts discuss how the president's global tariffs will affect the Sunshine State, which has been a solidly red bastion.

Trump this week unveiled a baseline 10% tax on all imports to the United States and a roster of harsher levies on major American trading partners. The administration had already imposed a 25% tariff on imported steel and aluminum, and it plans to impose a 25% import tax on finished cars and car parts.

Trump said a 25% tariff on imported passenger vehicles, light trucks and some auto parts is set to go into effect on Wednesday, April 2 and will begin to be collected on Thursday, April 3.

President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The “reciprocal’’ tariffs that he is expected to announce Wednesday are likely to create chaos for global businesses and conflict with America’s allies and adversaries alike.

President Donald Trump’s sweeping new tariffs are facing blowback from all corners – a market sell-off, foreign retaliation, anger from corporate America and skepticism from the Federal Reserve chairman and some allies in Congress.

Fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners. Thursday was the worst day for U.S. stock markets since June 2020. China struck back on Friday,

On Friday, Japan's benchmark Nikkei 225 fell by another 3.5%, Australia's ASX 200 was down more than 2%, and Singapore's Straits Times Index was almost 3% lower. South Korean stocks are also losing ground but that appears to be related to the country's constitutional court upholding the impeachment of President Yoon Suk Yeol.