Making sense of Trump’s ‘Liberation Day’ tariffs

U.S. President Donald Trump signed a sweeping executive order on Wednesday to put reciprocal tariffs on goods from most of its international trading partners. Trump called the tariffs a “declaration of economic independence” and accused other nations of stealing American jobs.

However, Canada and Mexico, which have been in Trump’s crosshairs for months, are exempt from the new tariffs, as long as they comply with the U.S.-Mexico-Canada trade deal. But higher tariff rates will continue for aluminum and steel, and tariffs are coming on all foreign auto products.

Mark Rendell, the Globe’s economics reporter, breaks down the confusing array of new tariffs, the ones that Canada’s still dealing with... and the impact of Trump’s trade war going global.

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