Trump plans immediate tariffs amid global trade tensions

President Trump is set to unveil significant new tariffs, termed 'Liberation Day' tariffs, which could potentially escalate tensions in global trade. The announcement, scheduled for 4:00 pm on Wednesday, aims to counteract perceived unfair trade practices and bolster American manufacturing, though critics warn that consumers may bear the cost and a recession could follow. Allies, including Canadian Prime Minister Mark Carney and European Central Bank President Christine Lagarde, expressed concerns that Trump's approach threatens decades of mutually beneficial economic relations. Stock markets are reacting with caution, as investors brace for the impact of the impending tariffs on corporate earnings and the global economy. The White House confirmed a 25% tariff on auto imports will take effect shortly after the announcement, further heightening market volatility. This pivotal moment raises questions about the future of U.S. trade policy and its international relationships.