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 Trump is set to reveal his tariff plans as part of a "Liberation Day" ceremony at the White House. Uncertainty over tariffs has roiled financial markets in recent weeks.