President Donald Trump says “Liberation Day” is coming. On Wednesday, he plans to roll out a set of tariffs that he promises will free the United States from foreign goods.

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.

President Donald Trump said countries, whether staunch allies or adversaries, would be subject to at least a 10% tariff.

Turmoil on financial markets deepened on Friday, as China hit back at tariffs announced by Donald Trump, raising the likelihood of an extended trade war and damage to the global economy. The S&P 500 index,

The trade conflict between the world’s two largest economies reached new terrain as Beijing showed its anger with first across-the-board levies.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.