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.

US President Donald Trump announced a 26% “discounted reciprocal tariff” on Indian imports, citing India's high duties on US goods. He noted that India imposes a 56% tariff on American products, prompting the US to counter with a 26% levy.

Apple stocks plummet in ‘Liberation Day’ aftershock as Republican senators defy president over tariffs - President Trump says he will impose blanket tariffs on all countries, hitting China and Europe

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 Trump says he will impose blanket tariffs on all countries with ‘worst offenders’ including China and Europe facing much higher rates

President Donald Trump has been calling April 2 "Liberation Day" as he reportedly plans a new round of tariffs.

US media outlets and analysts believe they’ve found the “simple” way Donald Trump calculated his so-called “Liberation Day” tariffs, in which the Australian mainland got hit with 10 per cent levies but Norfolk Island was slugged 29 per cent.

The president's long-awaited tariff announcement will come on the same day Trump faces a possible rebuke from the Senate. Enough Republicans are expected to join Democrats on Wednesday in voting to end the emergency declaration enabling tariffs against Canada.

President Trump has set a deadline of Wednesday to announce sweeping tariffs