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.

Trump says his tariff announcements slated for Wednesday will amount to a “Liberation Day” for the U.S. But American businesses and financial markets are unlikely to be freed from the uncertainty generated by his often stop-and-go trade policy.

President Donald Trump has declared Wednesday "Liberation Day," when he is expected to roll out a tariff plan that will emphasize his "America First" mission.