Trump keeps calling his next big tariff deadline ‘liberation day.’ Here’s what he means by that.

Donald Trump has taken a shine to the term “liberation day” as a shorthand for his coming reciprocal tariff plans.

“April 2 is liberation day for our country because we’re finally going to be taking in money,” he said Monday during a stop at the Kennedy Center.

He brought it up again Friday in the Oval Office, saying, “We have been ripped off by every country in the world, friend and foe.”

All told, Trump has used a version of the term at least six times this past week in a reflection of how central tariffs have become to his second-term vision and how, in his mind, this liberation theme encapsulates his plans.

Read more: The latest news and updates on Trump’s tariffs

He used “liberation day” language previously in his inaugural address, but then he was looking at Jan. 20, the day he took the oath of office.

The now-in-focus April 2 trade deadline “has become something of a catch-all date for tariff rate hikes from the White House,” Henrietta Treyz of Veda Partners said this past week, noting that headline risk for markets and new duties for importers are likely around that day.

Trump’s main agenda item on April 2 will be reciprocal duties after a plan was unveiled in February laying out an administration investigation that will end — as Treasury Secretary Scott Bessent recently put it — with a situation where “each country will receive a number that we believe … represents their tariffs.”

The concern is that already battered markets might not realize how high some of those numbers may be, especially on allies such as Europe that Trump has criticized relentlessly without yet slapping with new duties.

Read more: What Trump’s tariffs mean for the economy and your wallet

A wide array of industries — from autos to shipbuilding to pharmaceuticals to semiconductors to copper to uranium to lumber to dairy — could also be in for new sector-specific duties after a flood of threats from the White House.

The main question for those sector-specific duties is whether Trump actually moves to impose new tariffs on these sectors that day or whether he instead launches new investigations that push those deadlines for another 30 days or longer as new investigations and public comment periods commence.

‘Everything could happen’

What Trump promised again and again this past week is that April 2 will be when the country-specific reciprocal tariffs are in place and money flows in.

“It’s called April 2, and that’s going to be tariffs,” Trump said at another point this past week, even refusing to back down when his interviewer, Laura Ingraham of Fox News, responded by bringing up the chances of a recession.

“Everything could happen,” Trump said.

He also brought up liberation day when he pressured the Federal Reserve to lower rates on Wednesday.

“He’s more willing to soldier through a level of economic pain,” Eurasia Group founder and president Ian Bremmer said in a recent Yahoo Finance Live interview.

“I think that some of the purpose of tariffs this time around is more structural,” he added. “It’s really to change trade flows.”

And Trump has given himself an extraordinary amount of leeway to achieve those ends when it comes to what he could impose.

Trump and his aides plan to calculate their so-called effective tariff rate that combines all the factors Trump deems as fodder for retaliation, including things like domestic consumption taxes in Europe that have traditionally not been considered in trade talks.

The view from Trump’s orbit, as one of his top aides put it in a recent podcast appearance, is that the recent weeks of market volatility will end once the full scale of the coming tariffs is clear. That point could come soon after April 2 as “some of the tariff stuff comes into clearer focus for the markets to be able to absorb and price in.”

The aide, White House deputy chief of staff James Blair, added a promise that Trump wants to provide predictability for businesses as soon as April, suggesting “we will get to a place very soon where [businesses] feel very comfortable with how to plan.”

Ben Werschkul is a Washington correspondent for Yahoo Finance.

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