COLUMBUS, Ohio (WCMH) -- President Donald Trump is set to unveil his largest round of tariffs yet on Wednesday to promote American manufacturing, but economic analysts warn the taxes on foreign goods are likely to impact Ohioans. Trump is calling it "liberation day," and he is expected to announc e reciprocal tariffs, or tariffs set in response to foreign trade restrictions. These duties will add to the foreign automobile tariffs going into effect Thursday at midnight. The scope of Trump's newest tariffs will not be clear until his 4 p.m. announcement, but Press Secretary Karoline Leavitt said they will be effective immediately. See previous coverage of tariffs in the video player above. Trump has announced, threatened or rolled back various tariffs, but the infographic displays those currently confirmed. Those enacted on Mexico and Canada do not include goods protected under trade agreements, but this week's tariffs could change that. Ian Sheldon, Ohio State University department chair of agricultural marketing, trade and policy, said it is hard to predict Trump's announcement, but it will likely affect Ohioans. He said at its most extreme, Trump will match tariffs for all U.S. trading partners, totaling more than 12,000 tariffs among 165 countries. “If you took sort of the middle of the American income distribution, those individuals are probably going to bear something like $1,600 increase in costs because of those tariff increases," Sheldon said. "And these tariffs are likely to be quite regressive, in the sense that they tend to hit people on the lower end of the income distribution compared to those on the higher end." What Intel's new CEO had to say about New Albany facility The U.S. Chamber of Commerce said Ohio is likely to be the seventh-most affected state regarding tariffs, relying on international trade for 1.5 million jobs. Further, agricultural groups warn tariffs may have harsh consequences for the agricultural community. Ohio Chamber of Commerce CEO and President Steve Stivers said there is no need to panic, but consumers will likely see marginal cost increases, especially with Ohio's role in international trade. According to the Office of the U.S. Trade Representative, part of Trump’s executive office, Ohio exported $56.6 billion internationally in 2024. Those exports primarily went to countries targeted by Trump's tariffs; Ohio exported $19.9 billion in goods to Canada, $9.6 billion to Mexico and $3 billion to China.  Reciprocal tariffs are expected to largely affect agriculture businesses, and Ohio State estimates one in eight Ohioans work in agriculture. Ty Higgins, director of communications for the Ohio Farm Bureau, said 20% of Ohio farm income comes from foreign exports. He said increased tariffs on Canada and Mexico would especially strain Ohio farmers, as those countries comprise the largest markets for Ohio corn, soybeans, wheat, dairy, pork and beef.  “As much concern as trade is for what might happen to products we bring in from these countries, there is greater concern for the agriculture sector about what we ship out should retaliation to possible tariffs occur,” Higgins said. Sheldon warned added tariffs are likely to bring retaliatory trade restrictions from other countries. He said the agricultural business is especially vulnerable to retaliation from export partners, with farmers facing higher costs for materials and lower profits despite high grocery costs for Americans. Columbus City Schools reverting to birth names catches students, teachers off guard Each tariff also adds to enacted those before it, so tariffs on China are joined by unrepealed tariffs from a 2018-2019 trade war under Trump's first administration. Sheldon said leading trade economists found the former trade war did not impact job growth. Further, Sheldon said if foreign corporations do move to the U.S., manufacturing plants take years to build and typically create few jobs. During 2018 and 2019, Congress approved more than $25 billion in payments to farmers to offset costs of Trump's trade disputes, according to the National Library of Medicine. Farmers will likely advocate for this again, especially as Higgins said farm income has dropped 30% in the past three years, so the consequences tariffs may have are poorly timed. “More uncertainty is not helpful to Ohio farmers as they also deal with the challenges of a weaker farm economy, an outdated farm bill, extreme weather and now possible trade retaliations,” Higgins said.  Stivers said the more than 6,000 businesses represented by the Chamber of Commerce most frequently report concerns about that same uncertainty. Stivers said there are times when tariffs are appropriate, but broad, often changing tariffs like the ones Trump is enacting make it difficult for entrepreneurs to prepare for what can amount to significant budgetary changes. Franklin County sales tax increase goes into effect Although Ohio economic and agricultural leaders voiced concerns about the impact of tariffs, Ohio's Congressmen say they are less concerned. “America’s farmers have suffered greatly as a result of bad trade deals — struck by politicians of both parties — that have allowed foreign nations like China to profit immensely while America’s farmers struggle,” Sen. Bernie Moreno told NBC4. "President Trump’s tariffs are about fairness and leveling the playing field for all Americans, including our farmers who have been ripped off by unfair trade policies for decades.” An aide for Ohio's other U.S. Senator, Jon Husted, did not address tariffs directly but said Husted is prioritizing meeting with Ohio's farmers as he recognizes the role they play in the American economy. The aide said Husted is sharing farmers' experiences with the Trump administration and advocating for pro-agriculture policies. “We understand the long-term goals of the Administration when it comes to securing and strengthening trade deals with our largest trading partners, but we need to be sure the short-term impacts are not harmful to farmers,” Higgins said.  Stivers said consumers and businesses should not panic, in part because there are limited options to combat the effects of tariffs. He said currency devaluation will help soften the impact of tariffs for consumers. Sheldon said it will ultimately be up to producers to determine how many of the added costs of imported goods will affect consumers. ...read more read less