A belief in the almost mythical power of tariff warfare has been a rare constant in Trump’s business and political career since the 1980s — when the big threat he perceived to US prosperity was Japan, rather than top current rivals China and the European Union.

Down-ballot races in Florida and Wisconsin are seen as a referendum on the White House, while the president’s to-be-announced reciprocal tariff plan is increasingly worrying investors and consumers.

The Trump administration’s tariffs are forcing Japan’s government to scramble to come up with support measures for businesses amid concerns that the levies might create a big economic crisis for the Asian nation.

Republican Senator Tim Sheehy of Montana said that the tariffs President Donald Trump promises to impose this week would "absolutely" cause "short-term pain." Newsweek reached out to Sheehy's office via email on Monday night for comment.

Gold prices hit a record peak on Tuesday, as concerns that U.S. President Donald Trump's reciprocal tariffs might fuel inflationary pressures and impede economic growth drove safe-haven demand. Spot gold was up 0.

Australia’s central bank kept its key interest rate unchanged, with Governor Michele Bullock unwilling to provide guidance on the May policy meeting as the board awaits more evidence that inflation is moving sustainably back to target in a world of mounting uncertainty.

Donald Trump is calling it Liberation Day. The president claims prospective tariffs on trillions of dollars of U.S. imports, which he is preparing to reveal on Wednesday, will mark the moment that global trading partners stop taking advantage of the United States.

Trump is expected to impose duties as early as Wednesday on imports from all countries in a move that could hit the agriculture community particularly hard. Several GOP lawmakers on Capitol Hill are seeking last-minute carveouts to blunt the impact of those tariffs.

With President Donald Trump’s so-called “Liberation Day” of tariff implementation fast approaching, Senate Democrats are putting Republican support for some of those plans to the test by forcing a vote to nullify the emergency declaration that underpins the tariffs on Canada.