Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

President Donald Trump is expected to declare his next round of tariffs at the White House Wednesday. The announcement is scheduled for 4 p.m. EDT. He has dubbed April 2 as "Liberation Day," and White House officials said the implementation of the financial levies on foreign imports will take place immediately upon his proclamations.