The Trump administration’s latest trade offensive is underway as Customs and Border Protection (CBP) begins enforcing “Liberation Day" tariffs, pulling in more than $200 million a day.

The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

More than a dozen countries set for US reciprocal tariffs spent the first day of President Donald Trump's tariff rollout not only bracing for the economic fallout but with confusion about exactly what rates they might face.

Steve Liesman, Senior Economics Correspondent for CNBC, Charlotte Howard, Executive Editor at The Economist and Michael Linden, Former Senior Advisor to President Biden at the Office of Management and Budget join Nicolle Wallace on Deadline White House with continued reaction to the fallout from the stock market plunge as a result of Donald Trump’s rollout of tariffs leading to widespread panic and uncertainty for American investors and consumers.

Stocks dropped sharply for a second day — setting a two-day record for U.S. stock market losses — on continued fears that President Trump’s sweeping tariffs would ignite a massive trade war and lead to an economic recession.