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.

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.

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

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 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

Yahoo Finance will chronicle the latest news and updates on Trump's tariffs — from the threats to the eventual policy.

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