President Trump unveils new tariff plans
WASHINGTON (CNN, KYMA/KECY) - The White House is hosting what it calls the "Make America Wealthy Again" event Wednesday afternoon.
It's the first such gathering in the Rose Garden for the administration.
President Donald Trump says he'll unveil sweeping new tariffs. He hails Wednesday as "Liberation Day" while economists fear the measures could lead to higher prices.
The White House says the tariffs will take effect immediately, with U.S. businesses picking up the tab.
The Trump administration says, all together, its tariffs could bring in $6 trillion of revenue over a decade. This would effectively be the largest tax increase in U.S. history, even adjusted for inflation.
The Senate is set to vote on a resolution aimed at blocking the duties on Canadian goods.
Economists say tariffs benefit certain domestic manufacturers by landing them more business.
On the flip side, that's why they can hurt international producers and some countries say they're preparing to retaliate.
To watch President Trump's announcement of the tariff plan, see attached video.
