What to know about President Trump's 'Liberation Day' tariffs

1. Trump announced reciprocal tariffs impacting U.S. trading partners. 2. The S&P 500 is down 3.9% year-to-date amid trade war concerns. 3. Tariffs could lead to recession risk according to Wall Street firms. 4. No exemptions are planned for U.S. farmers under the new tariff policy. 5. Upcoming tariffs may impact key U.S. sectors like agriculture and automotive.