The White House is preparing for what it calls "Liberation Day” on Wednesday — a moment when President Donald Trump plans to roll out a set of tariffs that he promises will free the United States from foreign goods. The details of Trump’s next round of import taxes are still unknown. During a news briefing on Tuesday, press secretary Karoline Leavitt insisted the tariffs will work for Americans. "They're not going to be wrong," Leavitt said. "It is going to work and the president has a brilliant team of advisers who have been studying these issues for decades." Most economic analyses say average U.S. families would have to absorb the cost of his tariffs in the form of higher prices and lower incomes. But an undeterred Trump is inviting CEOs to the White House to say they are investing hundreds of billions of dollars in new projects to avoid the import taxes. It is also possible that the tariffs are short-lived if Trump feels he can cut a deal after imposing them. At stake are family budgets, America’s prominence as the world’s leading financial power and the structure of the global economy. Trump wants to announce import taxes, including “reciprocal” tariffs that would match the rates charged by other countries and account for other subsidies. Trump has talked about taxing the European Union, South Korea, Brazil and India, among other countries. As he announced 25% auto tariffs last week, he alleged that America has been ripped off because it imports more goods than it exports. The Republican president plans to tax imported pharmaceutical drugs, copper and lumber. He has put forth a 25% tariff on any country that imports oil from Venezuela, even though the United States also does so. Imports from China are being charged an additional 20% tax because of its role in fentanyl production. Trump has imposed separate tariffs on goods from Canada and Mexico for the stated reason of stopping drug smuggling and illegal immigration. Trump also expanded his 2018 steel and aluminum tariffs to 25% on all imports. "He is with his trade and tariff team right now, perfecting it to make sure this is a perfect deal for the American people and the American worker. And you will all find out in about 24 hours from now."