WASHINGTON (NEXSTAR) — President Donald Trump is set to announce and immediately enact sweeping global tariffs Wednesday afternoon, a move that could shake international markets and drive-up costs for American consumers.

The White House is calling today “Liberation Day” referring to President Trump’s plan to impose new tariffs on U.S. trading partners, a move that is putting the stock market on edge.

“April 2, 2025, will go down as one of the most important days in modern American history,” White House Press Secretary Karoline Leavitt said.

The tax on goods is set to take effect immediately and is expected to spark retaliation from key U.S. trading partners.

“If you make your product in America, you will pay no tariffs,” Leavitt said.

These new tariffs come on top of existing ones, including a tax on foreign-made vehicles, auto parts, and a 25% tariff on steel and aluminum from Canada.

“We’re here to stop a huge national sales tax that’s being imposed on Americans through these Canadian tariffs, based on a fake Canadian emergency,” Sen. Tim Kaine (D-Va.) said.

Inside the Senate chamber, history was made after Sen. Cory Booker (D-N.J.)  spoke for more than 25 hours, railing against President Trump’s policies. 

“What does his liberation mean to people who can’t afford homes because of his tariffs?” Booker asked.