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Businesses and U.S. trading partners are keeping a close eye on the White House, as Wednesday President Donald Trump is set to unveil a new round of sweeping tariffs.See the story in the video above"April 2nd, 2025, will go down as one of the most important days in modern American history," said Karoline Leavitt, White House Press Secretary.The White House says President Trump has made a decision on this new set of tariffs and met with his team today to "perfect" the deal for the American people. However, economists warn this will cause more problems than it will fix.President Donald Trump has dubbed it "Liberation Day," a day the U.S. is expected to raise tariffs on goods coming in from other countries to match what they have placed on American products."Those days of America, beginning tomorrow, being ripped off are over. American workers and businesses will be put first," said Leavitt.The details of how the import taxes will be implemented remain unclear, but the White House says it will lead to more investments in the U.S., revenue for the federal government, and protect American industries from foreign competition."If the tariffs result in a boom in high-paying manufacturing jobs here in the United States, that's what Trump is counting on. People are gonna love that, but that's probably years down the road," said Marc Sandalow, a political analyst. What economists say is likely more immediate: higher costs for American consumers and businesses."It's probably going to fall heaviest on small farmers and ranchers, small businesses across the country who are going to face both the impacts of increased prices, as well as the retaliation," said Adam Hersh, a senior economist at the Economic Policy Institute.Meanwhile, on Capitol Hill, Senate Democrats are testing Republican support for tariffs by forcing a vote on a resolution that would reverse the tariffs President Trump imposed on Canada after he said they weren't doing enough to stop the flow of fentanyl."So many jobs will be lost, in New York alone, we estimate that over 200,000 jobs could be lost," said Sen. Chuck Schumer, the minority leader.The White House says the new tariffs announced Wednesday will take effect immediately. Economists expect other countries will retaliate and impose tariffs on U.S. goods.Ahead of tomorrow's announcement, Canada's new prime minister, Mark Carney, said he spoke with Mexican President Claudia Sheinbaum to talk about the "challenging times ahead" and the importance of boosting their trade relationship.