Dhaka, April 2 -- US President Donald Trump was poised to impose sweeping new reciprocal tariffs on global trading partners on Wednesday, upending decades of rules-based trade, threatening cost increases and likely drawing retaliation from all sides.

Details of Trump's "Liberation Day" tariff plans were still being formulated and closely held ahead of a White House Rose Garden announcement ceremony scheduled for 4:00 pm Eastern Time (2000 GMT).

The new duties are due to take effect immediately after Trump announces them, White House spokesperson Karoline Leavitt said on Tuesday, while a separate 25 per cent global tariff on auto imports will take effect on April 03, according to Reuters.

Trump for weeks has said his reciprocal tariff p...