President Trump this afternoon announced a baseline 10% tariff on U.S. imports, with even higher levies on goods from many of America's biggest trading partners.

• It's the end of the free-trade era that has defined global commerce for decades — a move that risks higher consumer prices and economic damage, Axios Macro co-author Courtenay Brown writes.

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

• Imports from the EU, Japan and South Korea will be subject to tariffs of 20% or higher.
• Imports from Vietnam are subject to a tariff rate of 46%. Taiwanese imports will face 32% tariffs.

🎤 Trump called his announcement "our declaration of economic independence":

• "April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again — gonna make it wealthy, good and wealthy."

💵 "For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike," Trump continued. "American steelworkers, autoworkers, farmers and skilled craftsmen — we have a lot of 'em here with us today — they really suffered gravely."

• "They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once-beautiful American dream."

Trump defined "reciprocal" as: "They do it to us, and we do it to them. Very simple — can't get any simpler than that."

• See the tariff table.

A victory in Wisconsin's Supreme Court race and Sen. Cory Booker's record-setting floor speech have given Democrats a much-needed jolt, Axios' Avery Lotz writes.

• Booker's marathon showed that Democrats can commandeer the national spotlight, even when Trump's zone-flooding style dominates nearly every news cycle.
• And Democrats' ability to secure a liberal seat on a swing state's Supreme Court packed a little extra punch in light of the fact that Elon Musk had spent more than $20 million on the race.

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1. 💼 New buyout offers have been extended to federal workers in several agencies. The past few months have likely made workers more receptive to the option than they might have been at first. Go deeper.
2. 📱The White House is eyeing a deal for American investors to buy about half of TikTok, The Information reports. That would be enough to comply with the law requiring ByteDance to divest from the app in the U.S. It's not clear whether the Chinese government has signed off.
3. 🌪️ Tornadoes and "catastrophic" flooding could hit parts of the South and the Ohio Valley over the next few days. Go deeper.

The Michelin Guide will soon expand its prestigious restaurant recommendations across the South, Axios New Orleans' Chelsea Brasted reports.

• Michelin Guide inspectors are already scoping out restaurants in Alabama, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee.
• They'll cull those experiences into an elite group of restaurant selections, which the company will share in a yet-to-be-scheduled ceremony.

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