The Latest: Trump Set To Announce New Tariffs In What He Calls 'liberation Day'

After weeks of White House hype and public anxiety, President Donald Trump is set to announce a barrage of self-described "reciprocal" tariffs on friend and foe alike.

The new tariffs - coming on what Trump has called "Liberation Day" - is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists' assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.

Here's the latest:

Trump's schedule for Wednesday

According to the White House, at 4 p.m., Trump will participate in the "Make America Wealthy Again" event in the Rose Garden. This is when he's expected to announce his so-called reciprocal tariffs .