President Donald Trump has declared Wednesday "Liberation Day," when he is expected to roll out a tariff plan that will emphasize his "America First" mission.

Mr. Trump announced last week that vehicles and auto parts imported into the U.S. will be subject to a 25% tariff rate. The auto tariffs are expected to go into effect at midnight, just hours after the latest round of tariff announcements by the president Wednesday afternoon.

Analysts at Wedbush Securities and Goldman Sachs as well as top economist Larry Summers predicted much economic pain ahead.

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

The Trump administration is planning to impose a round of fresh tariffs on April 2, a day President Trump has dubbed " Liberation Day. " The announcement is viewed by economists as the culmination of his "America First Trade Policy," an executive order he signed on his first day in office aimed at revitalizing U.S. manufacturing.

All U.S. imports face a baseline 10% tariff, effective Saturday. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

President Donald Trump’s slew of “Liberation Day” tariffs announced Wednesday has investors worrying his protectionist politics could plunge the United States, and the world, into a recession. The stock market plunged on Thursday,

Plans to lower egg prices could be disrupted by tariffs. The Trump administration in March said it would import eggs from other countries to offset price increases in the U.S. Tariffs, though, could result in higher prices,