Trump's tariffs deepen tensions in global trade

President Donald Trump proclaimed "Liberation Day" in the United States on Wednesday as he prepared to impose sweeping new tariffs that would escalate a trade war with global partners, increase prices and upend a decades-old trade order. Hespoke of making America wealthy again.

- 

The tariffs were set to be announced at midnight UAE time on Wednesday.

A person familiar with the administration's deliberations said the tariffs are expected to be significant and would hit a wide range of countries, including close allies.

The new duties, which would undo trade arrangements in place since 1947, are due to take effect immediately after Trump announces them.

A separate 25% global tariff on auto imports will take effect on April 3.

But the White House has not yet published an official notice of either set of tariffs, as it is required to do before they take effect.

"IT'S LIBERATION DAY IN AMERICA!" Trump wrote on his social media platform.

Trading partners are expected to respond with actions of their own.

Trump, who once called the word tariff the "most beautiful word in the dictionary," has said his reciprocal plans would match US rates with higher levels charged by other countries and counteract their non-tariff barriers that he says disadvantage US exports.