US President Donald Trump is set to unveil sweeping new "Liberation Day" tariffs on Wednesday, but the full scope of the measures remains unclear, keeping global markets and foreign governments on edge. The tariffs, expected to be among the most aggressive of his presidency, could ignite a full-scale trade war.

Trump will announce the measures at 4:00 PM (2000 GMT) in the White House Rose Garden, flanked by cabinet members. He has vowed they will end what he calls America being “ripped off” and usher in a “golden age” for US industry.

Yet, even as the deadline nears, the White House admits that key details are still being finalized. Early Wednesday, Trump fueled speculation with a bold all-caps post on Truth Social:
"IT'S LIBERATION DAY IN AMERICA!"

Tariffs in the Making
For weeks, Trump has championed the tariffs as "reciprocal", claiming they will match levies imposed on the US by other nations. Reports suggest he is considering a blanket 20% tariff, though some allies may receive exemptions.

White House Press Secretary Karoline Leavitt confirmed that the tariffs will take effect "immediately", ruling out any delays for negotiations.

Despite Trump’s claims that tariffs will revitalize US manufacturing, critics argue they will drive up consumer prices and increase the risk of recession both in the US and abroad.

Mounting Global Tensions
The announcement comes amid growing tensions between Trump’s America and its allies, not just on trade but also on security, defense, and diplomacy.

Countries most likely to be affected have called for talks, even as they prepare for retaliation. The European Central Bank President Christine Lagarde warned the tariffs will "unsettle the trade world as we know it."

Canada, the European Union, and China have all vowed countermeasures. Canadian Prime Minister Mark Carney pledged to "fight for Canada", while the EU, which Trump has accused of trying to "screw" the United States, has warned that “all instruments are on the table” for retaliation.

British Prime Minister Keir Starmer has held last-minute discussions with Trump on a potential UK-US trade deal, while Vietnam has rushed to slash duties on key goods in an effort to avoid penalties.

Meanwhile, other major exporters—including China, Japan, and South Korea—are working to strengthen regional trade ties to counter Washington’s economic aggression.

What’s Next?
Trump insists the tariffs will bring about a “rebirth” of American industry, pushing companies to relocate production to the US. The following major trade measures are set to take effect:

April 3: 25% tariffs on automobiles.

Mid-March: 25% tariffs on steel and aluminum.

March: 20% tariffs on all Chinese imports, triggering Beijing’s retaliatory duties.

Mid-April: The EU’s countermeasures will be implemented.