Few details of the announcement are known prior, creating anxiety among the business community and global leaders.

Mr. Trump announced last week that vehicles and auto parts imported into the U.S. will be subject to a 25% tariff rate. The auto tariffs are expected to go into effect at midnight, just hours after the latest round of tariff announcements by the president Wednesday afternoon.

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

President Donald Trump will announce a new wave of tariffs against many major U.S. trade partners Wednesday in what he calls "Liberation Day."

Based on the possibility of broad 20% tariffs that have been floated by some White House aides, most analyses see an economy tarnished by higher prices and stagnation. U.S. econom

White House trade adviser Peter Navarro has suggested that the new tariffs would raise $600 billion annually, which would be the largest tax increase since World War II. Treasury

"The principal risk is around the economy," said Lanhee Chen, a fellow at the Hoover Institution and former adviser to Republican leaders Mitt Romney and Marco Rubio, referring to the tariffs. "One is an immediate risk on prices and what that means for a president who was elected in part to bring prices down,

President Trump's ‘Liberation Day’ includes his unveiling of reciprocal tariffs on all countries trading with the United States.

U.S. stocks whipped through another dizzying day of trading, but the mood on Wall Street turned sour after President Donald Trump unveiled sweeping new tariffs against nearly all U.S. trading partners,