President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

President Trump invited retired autoworker Brian Pannebecker to speak at a White House news conference on tariffs. Pannebecker praised Trump’s reciprocal tariff plan, citing job losses in the auto industry.

WASHINGTON (AP) — President Donald Trump on Wednesday will announce tariffs on auto imports, a move that the White Houses claims would foster domestic manufacturing that could also put a financial squeeze on automakers that depend on global supply chains.

President Trump is announcing tariffs that he says will free the United States from a reliance on foreign goods.

Details of Trump's "Liberation Day" tariff plans were still being formulated and closely held ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. ET.

Despite the president’s false claims, Americans actually pay U.S. tariffs — meaning his “liberation day” announcement is about liberating Americans from their money Billionaire entrepreneur Mark Cuban says he doesn't need a political title to shake up big systems—and if he were ever asked to replace Elon Musk in running the government,

Live updates and the latest news as Democrat wins Wisconsin Supreme Court race, Republicans win House seats in Florida and Trump announces sweeping tariffs on imports.

Countries with the biggest trade deficits with the U.S. are expected to get hit hardest by the tariffs that President Trump will announce on what he has been calling "Liberation Day." CBS News' Weijia Jiang reports,