President Trump is planning to gather his cabinet in the Rose Garden this week to announce a sweeping plan for global tariffs that he promised would correct decades of unfair trade relationships and stop other countries from “ripping off” the U.S. He has taken to referring to Wednesday, when the tariffs are set to be unveiled, as “Liberation Day.”

It remains unclear, however, whether Trump’s plan will result in higher levies on other nations, lower ones, or a mix — or what exactly his goal is. Many economists expect Americans will pay higher prices, and investors also appear uncertain about the economic impact of the plan: The S&P 500 rose slightly today, but finished March with its worst monthly decline in more than two years.

Trump has described the tariffs as a negotiating tool that could force other countries to drop their trade barriers, ultimately resulting in lower tariffs. But he has also talked about the tariffs as a way to raise revenue and shift supply chains back to the U.S., which would be a result of sustained higher tariffs. The president’s supporters have pushed both conflicting goals, but ultimately the president will decide a path forward.

Trump and his allies have occasionally acknowledged that the tariffs would likely, at least temporarily, impose additional costs on consumers. They are hoping to sell the public on a provocative idea: Cheap stuff is not the American dream.

Credit…Thibaud Moritz/Agence France-Presse — Getty Images

Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.

Thank you for your patience while we verify access.

Already a subscriber? Log in.

Want all of The Times? Subscribe.