The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no details about the size and scope of trade barriers that have businesses, consumers and investors fretting about an intensifying global trade war.

Trump has for weeks trumpeted April 2 as a “Liberation Day” that will see dramatic new duties that could upend the global trade system, with a White House Rose Garden announcement scheduled for 4 p.m. Eastern Time (2000 GMT).

White House spokeswoman Karoline Leavitt said reciprocal tariffs on countries that impose duties on U.S. goods would take effect immediately after Trump announces them, while a 25% tariff on auto imports will take effect on April 3.

Treasury Secretary Scott Bessent told Republican House lawmakers that the reciprocal tariffs Trump will announce represent a “cap” of the highest U.S. tariff level that countries will face and could go down if they meet the administration’s demands, according to Republican Representative Kevin Hern from Oklahoma.

Trump has already imposed tariffs on aluminum and steel imports and has increased duties on all goods from China. But he has also repeatedly threatened to impose other tariffs, only to cancel or postpone them.