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.

Liberation Day’ tariffs wipe $3.1 trillion from Wall Street as analysts predict global recession - President Trump says his tariffs are ‘going very well’ despite U.S. markets suffering their steepest

The White House did not include adversarial nations like Russia, North Korea, Cuba, and Belarus in the new “Liberation Day” tariffs, a decision which Trump administration officials defended. An unnamed White House official told The Hill on Thursday that those nations “are not subject to the Reciprocal Tariff Executive Order because they are already facing extremely high tariffs,

President Donald Trump‘s administration swatted down suggestions that his proposed “Liberation Day,” when sweeping tariffs will be unveiled on Wednesday, would lead to a depressed stock market and increased prices for the public.