The new tariffs — coming on what Trump has called “Liberation Day” — is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.

President Donald Trump has dubbed April 2, the day many of his major tariffs will take effect, "Liberation Day." Still, the reality of the situation will be a lot less grandiose for everyday people.