The details around "Liberation Day" tariffs have arrived.

• A baseline 10% tariff will be placed on U.S. imports, with steeper reciprocal levies slapped on goods from a slew of other nations, President Trump announced from the White House Rose Garden this afternoon.

By the numbers: The reciprocal tariffs hit dozens of nations, including some of the country's largest trading partners, Axios' Courtenay Brown writes.

• For China, the U.S. is levying a 34% tariff. Vietnam is getting 46%. Those were the two hardest hit. Other levies:
• European Union: 20%
• Japan: 24%
• Thailand: 36%
• Taiwan: 32%
• India: 26%

Market impact: Stocks, which rose a bit as Trump started speaking, reversed sharply and plunged as he unveiled the reciprocal rates.

Between the lines: The tariffs have been tailored based on how unfairly the administration says the countries treat U.S. exporters.

• The rates, calculated by Trump's top economists at the Council of Economic Advisers, are meant to hit back at the tariff and non-tariff trade barriers.
• Trump said the published rates are half as high as the original calculations.

The big picture: This is Trump's gamble to revive domestic manufacturing, raise revenues to offset tax cuts and push other nations to adhere to nontrade-related demands.

The bottom line: The announcement ends the free-trade era that has defined global commerce for decades — a move that risks higher consumer prices and economic damage.

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Tesla's vehicle deliveries plunged 13% in Q1, compared with a year earlier, as the company faces a backlash over CEO Elon Musk's political actions.

• The company delivered 336,681 vehicles in the first quarter, down from 386,810 in the same period a year earlier. (Deliveries are considered a close proxy for sales.)

Zoom in: The sales drop came despite a ramp up in incentives, such as 0% financing deals.

• The company is facing a significant sales decline in key markets, including Europe, California and China.

Yes, but: A new, more affordable model is on the way later this year, potentially juicing sales.

• And rival Rivian suffered an even steeper drop in deliveries of 36% to 8,640 units in the first quarter.

Market impact: Tesla shares fell more than 6% after the opening bell but ultimately posted a gain of 5.3% on the day after a Politico report that Trump said Musk will soon step away from his active role in Washington.

Go deeper

🤳Amazon reportedly made a last-minute bid to acquire TikTok. But parties involved in the talks are not taking it seriously. (NYT)

🛍️ Macy's is clawing back more than $609,000 in executive bonuses that it said were "erroneously awarded." The company blamed the excess compensation on an overstated earnings metric. (Bloomberg)

🍕 Domino's will sell its food through the DoorDash app in a bid to jolt sales. The company had long refused third-party partnerships until recently partnering with Uber Eats. (Reuters)

Nintendo's Switch 2 will arrive June 5 with features such as a larger, sharper screen and video chat capability.

State of play: The new gaming console will cost about $450, compared with the original Switch's starting price of about $300.

• "Perhaps the most contemporary function yet for the Switch 2 is the ability to use the Joy-Con controllers like a computer mouse," AP reports. "The developer displayed multiple ways to use the new function, such as angling a club in a golf game."

Yes, but: The game will cost $50 more than expected, games industry researcher Joost van Dreunen said, likely due to what he called the "Trump tax": tariffs.