07:43 AM EDT, 04/02/2025 (MT Newswires) -- Wednesday is "THE day," noted Bank of Montreal (BMO), as financial markets and the world brace for United States President Donald Trump's highly anticipated tariff announcement at 4 p.m. ET.

The White House signalled that the tariff plans would come into effect immediately, though President Trump has previously suggested he would be open to subsequent negotiations, said the bank.

No matter how you slice it, tariffs have the potential to increase inflation and unemployment, stated BMO. As such, they have been a focal point for global central bankers.

March Canadian auto sales jumped to the highest in five years, pointed out the bank. Buyers on both sides of the U.S.-Canada border clearly charged straight into auto dealerships last month to snap up cars before the 25% U.S. auto tariffs and possible reciprocal tariffs kicked in.