Washington DC/IBNS, April 2 -- President Donald Trump proclaimed Wednesday as "Liberation Day" in the United States as he is set to impose sweeping reciprocal tariffs that would escalate a trade war with global partners.

The new tariffs are expected to increase prices and cause an upheaval of a decades-old trade order in a bid to boost US manufacturing units while punishing other countries for what he has said are years of unfair trade practices.

Several economists have said the rolling out of the tariffs is a risky move that threatens to plunge the economy into a downturn and upend decades-old alliances.

The details are expected to be announced at a White House Rose Garden ceremony scheduled for 4 p.m. Eastern Time (US time

U.S. stoc...