The new tariffs — coming on what Trump has called “Liberation Day” — is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.

The dollar firmed a touch and other currencies held in tight ranges on Wednesday as traders anxiously awaited details of U.S. President Donald Trump's tariff plans later in the day that could set the tone for markets in the near term.

Some Connecticut new car dealers say Trump's automotive tariffs will create a level of uncertainty among consumers.

Trump’s supporters have clashed over the true goal of forthcoming global tariffs: raising revenue, or lowering foreign trade barriers?