The tariffs are expected to follow similar recent announcements of 25 percent taxes on auto imports; levies against China, Canada, and Mexico; and expanded trade penalties on steel and aluminum.

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

All U.S. imports face a baseline 10% tariff, effective Saturday. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,

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

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

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.

President Trump says he will impose blanket tariffs on all countries with ‘worst offenders’ including China and Europe facing much higher rates

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