U.S. President Donald Trump was poised to impose sweeping new reciprocal tariffs on global trading partners on Wednesday, upending decades of rules-based trade, threatening 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, White House spokesperson Karoline Leavitt said on Tuesday, while a separate 25% global tariff on auto imports will take effect on April 3.
Trump for weeks has said his reciprocal tariff plans are a move to equalize generally lower U.S. tariff rates with those charged by other countries and counteract their non-tariff barriers that disadvantage U.S. exports. But the format of the duties was unclear amid reports that Trump was considering a 20% universal tariff.