The U.S. government said Wednesday that it will impose 25% tariffs on automobile imports on April 3 and a similar duty on auto parts a month later, as President Donald Trump prepared to announce further trade barriers that could escalate a trade war and upend the global economy.

President Donald Trump’s new set of tariffs could drag down the US economy at a precarious time, when a growing share of consumers are struggling financially.

The Trump administration’s “liberation day” tariffs will be no joke for global economies. The challenge of assessing the risk that Trump 2.0 tariffs pose to individual nations is complicated by the intricate web of intraregional trade among nations.