Trump to Escalate Global Trade Tensions with 'Liberation Day' Tariffs

DONALD TRUMP - WASHINGTON, U.S. President Donald Trump was expected to impose sweeping new reciprocal tariffs on global trading partners on Wednesday, upending decades of rules-based trade, risking cost increases and likely drawing retaliation from all sides.

Details of Trump's "Liberation Day" tariff plans were still being formulated and closely held ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. Eastern Time (2000 GMT).

The new duties are due to take effect immediately after Trump announces them, while a separate 25% global tariff on auto imports will take effect on April 3.