WASHINGTON D.C. — President Trump is calling today “Liberation Day” as he prepares to unveil a sweeping set of new tariffs, including a 25% tariff on imported automobiles and auto parts. The announcement is set for 4 p.m. in a Rose Garden ceremony, where the president is expected to detail what the White House calls a bold effort to correct decades of unfair global trade practices.

White House spokeswoman Karoline Leavitt said the president is “very much focused on fixing the wrongs of the past,” and emphasized that the United States has long been treated unfairly on the international stage.

But as the administration doubles down on its trade agenda, businesses and consumers are bracing for potential price hikes. Joshua Allrich, owner of Allrich Auto in East Atlanta, says the new tariffs could increase costs across the board for his small dealership.

“It’s tough because things are already expensive,” Allrich said. “If they make car prices go up and parts go up, we essentially will have to go up as well.”

Allrich reconditions vehicles before reselling them and relies heavily on both domestic and imported parts. While he shares concerns about short-term costs, he remains cautiously optimistic about the long-term impact of the policy shift.

“The immediate changes are going to be expensive for people, but the long-term changes I think are going to allow a lot more jobs to be here,” he said.

Not everyone shares his optimism. Ray Hill, an emeritus professor at Emory University’s Goizueta Business School, believes the tariffs may ultimately do more harm than good.

“The story here is that ‘oh, we’re going to create American jobs by doing this.’ Well, I’m going to tell you…I bet we are going to destroy more American jobs than we are going to create,” Hill said.

Hill pointed to other recent examples, such as Canadian timber tariffs, where the effects were felt quickly despite initial assurances. “They’re going to be felt immediately,” he warned.

While the White House has kept the details of the full trade package under wraps, MoneyWatch correspondent Kelly O’Grady noted the administration’s unpredictability on tariff policy.

“Expect the unexpected,” O’Grady said. “I think that’s what we’ve learned when it comes to these tariff announcements.”

As businesses like Allrich Auto prepare to adjust, the broader economic consequences of today’s announcement remain to be seen. But with tariffs set to take effect soon, industry leaders, workers, and consumers alike are watching closely and waiting on the decision to be made later today.