Consumers and businesses brace for President Trump's tariff announcement

WASHINGTON (WPVI) -- Wednesday is the day that sweeping new tariffs are set to go into effect.

President Trump calls it "Liberation Day."

But many experts say the plan will result in higher prices on everything, from prescriptions to vehicles for American consumers.

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The announcement has the power to completely change the way the U.S. does business. What these tariffs will mean for your wallet is top of mind for consumers.

"I can't afford things now, I don't know if I can afford things later on. So fear, fear," said Dominique Absalom of Old City.

There's a sense of unease for Dominique Absalom, a student in medical research, as she braces for Trump's announcement.

"Things add up for people like me who are people like me; smaller things are going to get less affordable, and the thing is, our wages aren't really increasing," said Absalom.

Press Secretary Karoline Leavitt says the goal is to boost American manufacturing long-term.

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"The president is focused on reshuffling the American economy to ensure that America is the manufacturing superpower of the world," said Leavitt.

While the exact details have not been announced, ABC News sources say discussions have centered around a few ideas:

• A 20% flat tariff rate on all imports.

• Different tariff levels for countries depending on the barriers they impose on U.S. products.

• Or imposing a 15% tariff on countries with the largest trade imbalances.

This could mean paying more for everything from food to clothes to electronics.

"Our country's economy is based on consumerism. Most of the products that we purchase have international components. If those channels are shut down, those economic impacts will be much more than bananas costing more or French wine costing more at the supermarket," Lauren Swartz is the CEO and president of the World Affairs Council of Philadelphia, an international nonprofit focused on leadership, diplomacy and trade.

That means many industries are waiting on pins and needles for Wednesday's announcement, as it could mean a reduction in imports - and it could mean a reduction in workforce as well.