While President Trump called Wednesday's impending tariffs announcement a "liberation day" for the nation, American consumers hold their breath to see how expensive goods will become.

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 Donald Trump revealed his tariff plans as part of a "Liberation Day" ceremony at the White House. Uncertainty over tariffs has roiled financial markets in recent weeks.

The U.S. government said Wednesday that it will impose 25% tariffs on automobile imports on April 3 and a similar duty on auto parts a month later, as President Donald Trump prepared to announce further trade barriers that could escalate a trade war and upend the global economy.

President Donald Trump rolled out his tariffs package that aims to reshape the global economy and try to force manufacturing back to the U.S.

President Donald Trump announced 10% reciprocal tariffs on all countries, as well as far higher levies for some trading partners, including China.

President Donald Trump says “Liberation Day” is coming. On Wednesday, he plans to roll out a set of tariffs that he promises will free the United States from foreign goods.

President Trump on Wednesday announced major tariffs, including a 10% baseline tariff for all U.S. trading partners. CBS News reports on what Mr. Trump referred to as "Liberation Day."

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