President Donald Trump has declared Wednesday "Liberation Day," when he is expected to roll out a tariff plan that will emphasize his "America First" mission.

President Donald Trump's sweeping reciprocal tariffs announcement on Wednesday has several countries taking varied approaches in how to respond.

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.

Passage of the plan would give Republicans the chance in coming months to muscle a tax cut bill through both chambers of Congress even if Democrats are unanimously opposed, just as they did in Trump's first term.

Republican U.S. Senator Chuck Grassley introduced a bill on Thursday that would require congressional approval for new tariffs, the day after President Donald Trump unveiled sweeping new taxes on a vast array of imported goods.

A bipartisan pair of U.S. Senators introduced legislation on Thursday that would require Congress to approve all tariffs within 60 days. Sen. Chuck Grassley, R-Iowa., and Maria Cantwell, D-Wash., proposed the measure.

Republican U.S. Senator Chuck Grassley introduced a bill on Thursday that would require congressional approval for new tariffs, the day after President Donald Trump unveiled sweeping new taxes on a vast array of imported goods.

"The principal risk is around the economy," said Lanhee Chen, a fellow at the Hoover Institution and former adviser to Republican leaders Mitt Romney and Marco Rubio, referring to the tariffs. "One is an immediate risk on prices and what that means for a president who was elected in part to bring prices down,

Trump’s tariffs are an economic emergency. If implemented, the US’s average tariff rate would be higher than under Smoot-Hawley. They would constitute the largest tax increase since the 1968 levies to fund the Vietnam war.