President Donald Trump could announce his most sweeping tariffs yet Wednesday, unveiling reciprocal tariffs that Trump argues would level the playing field for the U.S. in global trade and would instantly become the hallmark economic policy of his nascent second term, though economists project they would increase inflation this year.

Tariffs are possible on imports from Mexico, Canada and China. The president of a small Arizona business wonders if her firm could survive a trade war.

There are already winners and losers from Trump's tariff announcements, from investors betting on gold to fashion brands pausing marketing campaigns.