The Memo: Inside Trump’s big gamble on tariffs

President Trump is set to take the biggest gamble of his second term on Wednesday, when he will announce a fresh round of tariffs.

Trump has dubbed Wednesday “Liberation Day,” suggesting that it will mark a watershed in what he sees as an effort to push back on trade imbalances.

White House press secretary Karoline Leavitt told reporters at a media briefing on Tuesday that Trump views it as “fundamentally unfair” that “too many foreign countries have their markets closed to our exports.”

From Wednesday...