Russia and North Korea were excluded from Trump's tariff list as neither country engages in meaningful trade relations with the United States.

Trump says his tariff announcements slated for Wednesday will amount to a “Liberation Day” for the U.S. But American businesses and financial markets are unlikely to be freed from the uncertainty generated by his often stop-and-go trade policy.

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