President Donald Trump of the United States is set to appear shortly at the White House Rose Garden on Wednesday for a “Liberation Day” ceremony.
Trump is expected to announce sweeping tariffs that could escalate a trade war and disrupt the global economy.
The US president has kept the world guessing ahead of the 4 pm ET (20: 00 GMT) event regarding the details of the new tariffs, which are expected to prompt countermeasures from trading partners.
The Republican president has said he will impose reciprocal tariffs to match US rates with the higher levels charged by other countries, but has not revealed how high those levels would be or which countries would bear the brunt.
The uncertainty has rattled financial markets and businesses that have relied on trading arrangements in place since 1947.
DAILY POST reports that the new tariffs are due to take effect immediately after Trump announces them, though the administration has yet to publish an official notice, as it is required to do.
Trump has already imposed 20 per cent duties on all imports from China and 25 per cent duties on steel and aluminium, extending them to nearly $150 billion worth of downstream products.
He postponed a 25 per cent tariff on most Canadian and Mexican goods to pressure them to crack down on drug trafficking and immigration, though that is set to expire on Wednesday.
According to his advisers, the tariffs will return strategically vital manufacturing capabilities to the United States.
