A core element of the protectionist trade policies President Trump is scheduled to announce on Wednesday — a planned import tax blitz he has referred to as "Liberation Day" — are so-called reciprocal tariffs.

The new tariffs — coming on what Trump has called “Liberation Day” — is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.

President Donald Trump has touted such levies as a way to level the playing field with other countries that impose higher tariffs on U.S. imports, as well as to boost domestic manufacturers.

Global investors are close to getting some clarity on the Trump administration's tariff plans on Wednesday, but with little detail on what to expect, financial markets remain on edge.

The president is expected to unveil details of his plans for a wider set of import taxes. But what tariffs and when?

US President Donald Trump is set to unveil a new round of sweeping tariffs on Wednesday, his so-called "Liberation Day," framing the move as a push for fairer trade. Trump is promising new "reciprocal tariffs" to punish other countries for their tariffs and trade barriers.

U.S. President Donald Trump's new tariff plan has the ocean shipping industry on edge as he stokes a trade war destined to stanch transport demand and send companies scrambling to manage the fallout.

Tariffs of 20% on Northern Ireland goods entering the US could cost local businesses at least £100m in lost sales, an economist has estimated. US President Donald Trump is expected to announce a new round of tariffs later on Wednesday.

President Donald Trump has dubbed April 2, the day many of his major tariffs will take effect, "Liberation Day." Still, the reality of the situation will be a lot less grandiose for everyday people.