New York: As the trade wars launched by US President Donald Trump continue to escalate, all eyes are on Wednesday.

Trump has repeatedly called April 2 “Liberation Day,” with promises to roll out a set of tariffs that he says will free the US from a reliance on foreign goods. To do this, Trump has said he’ll impose “reciprocal” tariffs to match the duties that other countries charge on US products.

But a lot remains unknown about how these levies will actually be implemented. White House press secretary Karoline Leavitt said Monday that Trump would unveil his plans to place reciprocal tariffs on nearly all American trading partners on Wednesday, but maintained that the details are up to the president to announce.

Since taking office, Trump has proven to be aggressive with tariff threats, all while creating a sense of whiplash through on-again, off-again trade actions.

Trump has argued that tariffs protect US industries from unfair foreign competition, raise money for the federal government and provide leverage to demand concessions from other countries. But economists stress that broad tariffs at the rates suggested by Trump could backfire.

Tariffs typically trickle down to consumer through higher prices. Businesses worldwide also have a lot to lose if their costs rise and their sales fall. Import taxes already in effect, coupled with uncertainty around future trade actions and possible retaliations, have already roiled financial markets and lowered consumer confidence while enveloping many with questions that could delay hiring and........

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