CBS News is tracking the rising cost of products most impacted by tariffs imposed​ and soon-to-be-imposed by President Trump, from grocery items to cars and trucks.

What Trump ultimately decides to announce on tariffs will be “effective immediately,” White House press secretary Karoline Leavitt said Tuesday. That is logistically dubious, but if that is the case, other nations would have little time to negotiate and could respond by immediately imposing countermeasures such as retaliatory tariffs.

The Trump administration is expected to impose tariffs on a group of countries known as the "dirty 15" on April 2. President Donald Trump has called April 2 "Liberation Day," when the White House will impose what he calls reciprocal tariffs on countries that charge the United States import duties.

U.S. 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.

Trump has repeatedly called April 2 “Liberation Day,” with promises to roll out a set of tariffs, or taxes on imports from other countries, that he says will free the U.S. from a reliance on foreign goods. To do this, Trump has said he’ll impose “reciprocal” tariffs to match the duties that other countries charge on U.S. products.

The new tariffs — coming on what Trump has called “Liberation Day” — is a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.

Tariffs have a proven track record of leveling the playing field to support important industries while also ensuring that the U.S. can catch up to China in computer, energy and military manufacturing, Ferry said.

President Donald Trump is set to make a major tariff announcement on what the White House has dubbed ‘Liberation Day’ Wednesday, though many questions remain about the details.

The Trump administration has said that tariffs can help the U.S. raise revenue, protect American businesses, move manufacturing to the U.S. and create jobs for American workers. Those ideas [have reso