New Delhi, April 2 -- The world is bracing for US President Donald Trump's announcement of sweeping tariffs on "Liberation Day" - April 2. The reciprocal tariffs could upend the global trade system and shake financial markets.

The tariffs, aimed at boosting American manufacturing, could have major implications for corporate earnings, the global economy, inflation, and the Federal Reserve's monetary policy.

For weeks, Trump has trumpeted April 2 as "Liberation Day", and White House spokeswoman Karoline Leavitt on Tuesday said reciprocal tariffs on countries that impose duties on US goods would take effect immediately after Trump's announcement.

Trump envisions the "Liberation Day" as a public holiday marking America's break from depende...