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.

Few details of the announcement are known prior, creating anxiety among the business community and global leaders.

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

President Trump says he will impose blanket tariffs on all countries with ‘worst offenders’ including China and Europe facing much higher rates

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.

US media outlets and analysts believe they’ve found the “simple” way Donald Trump calculated his so-called “Liberation Day” tariffs, in which the Australian mainland got hit with 10 per cent levies but Norfolk Island was slugged 29 per cent.

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