Trump is evaluating three tariff proposals - report

CNBC's Megan Cassella said deliberations on exactly what Wednesday's announcement will look like

She said there are "three main options" that Trump is looking at:

1. Blanket 20% tariffs
2. Tiered system of three different rates
3. Country-by-country rates

One official cited by CNBC said the first option was "less likely than the other two". She also said the 'goal' is country-based tariffs.

• Pharma, semiconductor and other tariffs would be announce later
• Canada/Mexico tariffs expected to be lifted
• Secondary tariffs on Venezuela to go into effect
• Auto tariffs scheduled to go into effect

Cassella said there could be some tariffs that take effect later and she believes Trump will leave room for negotiating. She believes it will be a mix of policies and that there will be some off-ramps.