Trump administration officials say that tariffs will spur both foreign and domestic companies to expand in the U.S.; lead to more balanced trade with economic allies; reduce the U.S. trade deficit with other countries; and generate federal revenue that can be used for other priorities.

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

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.

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."

As our stock market live blog covered (and as my colleague ... which saw their worst one-day sell-off since 2020, as "Liberation Day" tariffs surprised markets. "Magnificent Seven" tech stocks ...

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