Live updates: President Trump set to announce new round of tariffs

What to Know

• President Donald Trump is expected to roll out the largest set of new trade barriers in generations Wednesday, calling it “Liberation Day.”
• The White House has said that the newest tariffs would be reciprocal with other nations and that they would include duties on specific sectors like pharmaceuticals or computer chips.
• Trump has already announced 25% tariffs on automobiles imported to the United States, which will take effect tomorrow.
• Trump administration officials have argued that the higher costs from tariffs are worth it for the increase in manufacturing jobs that would be created over the long-term.