On the campaign trail, President Donald Trump vowed to aggressively slap tariffs on US imports as a catch-all solution to almost any problem.

Trump has kept his promise — so much so that it’s freaking out investors, economists, CEOs and a growing segment of the population who fear the import taxes will do more harm than good.

But Trump’s tariff efforts so far might pale in comparison to what’s coming next.

Although many details are unknown, perhaps even to Trump himself, the administration’s “Liberation Day” trade policy announcement is expected to be the most aggressive tariff move yet by the most tariff-obsessed president in modern history.

“We’ve never seen anything like this. It’s unprecedented and radical,” said Erica York, vice president of federal tax policy at the Tax Foundation, a right-leaning think tank.

While previous presidents have lobbed tariffs on steel, tires, electric vehicles or other goods, York said those actions are “nowhere close” to what Trump is setting the stage for on Wednesday.

There are multiple ways Trump’s Liberation Day announcement could play out. One idea is that reciprocal tariffs would start first with the “Dirty 15,” or the 15% of nations that the United States has the biggest trade deficits with. That idea, suggested by Treasury Secretary Scott Bessent, would represent a massive escalation in the trade war.

Still, crucial details of the announcement remain unclear, including how high tariff rates will go, on which products and when they’d kick in. All that is apparent, for the moment at least, is that Trump plans to roll out his signature trade policy from the Rose Garden.

Tariffs on all $3.3 trillion of imports?
Trump has pushed back on tariffs on the “Dirty 15,” instead, throwing his weight behind something far broader.

“You’d start with all countries, so let’s see what happens,” Trump said Sunday. “I haven’t heard a rumor about 15 countries, 10 or 15.”

That suggests Trump’s Liberation Day tariffs won’t be reciprocal as much as they will be universal, reviving a campaign promise (that alarmed economists) to put tariffs on all imports from all nations.

In other words, tariffs would be applied to roughly $3.3 trillion of imported goods, according to last year’s federal trade data.

This is miles away from what Trump did during his first term.

During his entire first four years in the White House, Trump put tariffs on about $380 billion worth of imports, according to the Tax Foundation.