Trump to announce new tariffs today on what he calls "Liberation Day" amid fears of higher prices

President Trump is scheduled to announce the details and implementation of his tariffs on Wednesday, a day he has named "Liberation Day," despite warnings from economists over increased prices. 

The president hasn't yet said what the tariff rates on foreign goods will be and whether they will be global or affect only products from specific countries, and on Tuesday afternoon, White House press secretary Karoline Leavitt said the president was still finalizing the details of the plan with his trade team. But Leavitt said Monday that the president's plan will place reciprocal tariffs on nearly all U.S. trading partners. And on Tuesday, she said the reciprocal tariffs will go into effect "immediately."