Meanwhile, tariffs on imported autos are to go into effect on Wednesday. While economists predict Trump's tariffs will raise prices in the U.S., Trump told reporters Sunday that automakers "are going to make a lot of money," suggesting the measures would encourage companies "to build in the United States."

Donald Trump's latest batch of global tariffs sent shockwaves through markets, seeing Apple stock slide more than six percent in late-night trading Wednesday. The president announced that blanket 10 percent tariffs on all countries and much higher levies on “worst offenders” such as China and Taiwan.

The president of the United States has dismantled the world trade system, pushed the global economy towards another slump and turned economics on its head. He must end this madness

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

President Donald Trump has been calling April 2 "Liberation Day" as he reportedly plans a new round of tariffs.

President Trump has set a deadline of Wednesday to announce sweeping tariffs

President Trump announced the U.S. will impose a minimum baseline of 10% tariffs on goods imported from all foreign countries, along with further "reciprocal tariffs."

President Donald Trump is set to announce a barrage of tariffs Wednesday in what he is calling “Liberation Day."

The president's long-awaited tariff announcement will come on the same day Trump faces a possible rebuke from the Senate. Enough Republicans are expected to join Democrats on Wednesday in voting to end the emergency declaration enabling tariffs against Canada.