The Republican-controlled U.S. Senate Budget Committee released its budget blueprint for enacting President Donald Trump's tax-cut and immigration-reform agenda on Wednesday, and lawmakers predicted they expected to vote to adopt the resolution later this week.

The new tariffs will be imposed under the International Emergency Economic Powers Act, citing what the administration argues are persistent trade deficits that constitute a national emergency under the law.

President Donald Trump on Wednesday unveiled global reciprocal tariffs during an event at the White House. Following are highlights of Trump's remarks: * "In many cases, the friend is worse than the foe in terms of trade,