President Donald Trump announced sweeping tariffs on most nations Wednesday, which his administration says will free the United States from relying on other countries for trade. 

The president has framed these tariffs as “reciprocal” to match trade barriers that other countries impose on products from the U.S., dollar for dollar, but in reality, they are based on trade deficits instead. Stock markets around the globe and in the U.S. fell significantly the day after the tariffs were announced.