LIVE: Trump tariffs announcement | FOX 4 News

April 2, also dubbed "Liberation Day," is here.

President Donald Trump has promised to roll out a set of tariffs that he says will free the United States from a reliance on foreign goods.

Trump has said he’ll impose "reciprocal" tariffs to match the duties that other countries charge on U.S. products. He has argued that tariffs protect U.S. industries from unfair foreign competition, raise money for the federal government and provide leverage to demand concessions from other countries.

The president is expected to announce these new tariffs from the White House at the "Make America Wealthy Again Event" beginning at 3 p.m. CT.

Here are the tariffs Trump is expected to announce on Wednesday:

Oil and gas

Trump has said he will place a 25% tariff on all imports from any country that buys oil or gas from Venezuela. This will include the U.S. itself.

This will be in addition to imposing tariffs on Venezuela.

Cars

Beginning a day after "Liberation Day," Trump said there would be a 25% tariff on auto imports.

Taxes on fully-imported cars will begin at midnight.

The tariff will expand to applicable auto parts in the following weeks through May 3.

Here are the tariffs that have already gone into effect:

Chinese goods

Trump has already imposed a 20% tariff on Chinese imports.

Retaliatory tariffs

China has hit back with tariffs covering a range of U.S. goods in response to Trump.

This includes:

15% on coal and liquefied natural as products

10% on crude oil

15% on farm exports

Canada and Mexico

Trump imposed a 10% duty on potash and Canadian energy products.

Earlier this month, the president implemented a partial month-long delay of his 25% tariffs on both Mexico and Canada, delaying taxes on auto-related imports and goods until early April.

Retaliatory tariffs from Canada

Canada has levied tariffs amounting to billions of dollars on U.S. goods, including, but not limited to:

Computers

Sports equipment

Water heaters

These tariffs are in addition to the 25% counter tariffs on $30 billion of Canadian imports from the U.S. that were imposed earlier this month.

Retaliatory tariffs from Mexico

Mexico has yet to impose new levies on U.S. goods, expressing hope to de-escalate the trade war.

Aluminum and steel

Trump expanded steel and aluminum tariffs last month.

Both metals are now taxed at 25% across the board.

Retaliatory tariffs from the European Union

In response to these tariffs, the EU announced levies on U.S. goods worth about $28 billion (26 billion euros) which will go into effect in mid-April.

The EU’s tariffs target:

Steel

Aluminum

Beef

Poultry

Bourbon

Motorcycles

Peanut butter

Jeans

Will Trump announce more tariffs in the future?

Trump has threatened to impose tariffs on the following:

Copper

Lumber

Pharmaceutical drugs

Computer chips

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