As President Trump gears up to announce significant tariffs on April 2, dubbed 'Liberation Day,' GOP lawmakers are divided on their impact. Some advocate for exemptions for key agricultural products despite concerns about potential short-term economic pain. Sources indicate discussions on a 20% flat tariff on all imports or reciprocal tariffs varying by country’s existing trade barriers. Trump asserts these tariffs will boost U.S. manufacturing and generate revenue. Meanwhile, businesses brace for increased costs and potential recession, with experts warning that uncertainty may stifle investment and hiring across various sectors.