WASHINGTON (AP) — President Donald Trump is set to launch a barrage of so-called reciprocal tariffs on friend and foe alike. Wednesday’s tariffs come on what Trump has dubbed “Liberation Day” to free the U.S. from what he has said are years of unfair trade practices. By most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances. The White House is exuding confidence despite the political and financial gamble being undertaken. Importers would likely pass along some of the cost of the taxes on to consumers. The Budget Lab at Yale University estimates a 20% universal tariff would cost the average household $3,400 to $4,200.