All eyes are on US President Donald Trump on Wednesday as he prepares to unveil his plan for a broader set of tariffs, with many fearing such moves could lead to more damaging trade wars.
"The world has been ripping off the United States for the last 40 years and more," Trump told NBC over the weekend. "All we're doing is being fair."
He earlier declared April 2 would be "LIBERATION DAY IN AMERICA!" but has yet to reveal specific details of the proposed tariffs.
White House Press Secretary Karoline Leavitt said Tuesday that the president spent the day working closely with his team to finalize the policy.
"He is with his trade and tariff team right now, perfecting it to make sure this is a perfect deal for the American people and the American worker," she said.
On the campaign trail last year, Trump mentioned the possibility of 20% tariffs across the board. Reports indicate some of his advisers continue to support that plan.
He had earlier announced a 25% tariff on all imported vehicles and auto parts, which is scheduled to take effect Thursday. Trump also proposed 25% tariffs on all imports from Mexico and Canada, though these were delayed due to ongoing negotiations with the leaders of both countries.
Expectations around the new tariffs have weighed on Wall Street. Two of the three major US stock indexes closed Monday-marking the end of the first quarter of 2025-with their worst performance in over two years.
No official details of Wednesday's announcement were available ahead of the expected speech at 4 pm ET (2000GMT). However, White House officials said the most extensive rewrite of US trade policy in recent decades would take effect immediately.
