President Donald Trump is holding a "Make America Wealthy Again" event, during which he is expected to announce and reveal further details surrounding his "Liberation Day" tariffs that will roll out Wednesday.

Few details of the announcement are known prior, creating anxiety among the business community and global leaders.

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

President’s ‘Liberation Day’ announcement spares UK from worst of tariffs but will undo trade arrangements that have been in place since 1947

US President Donald Trump has announced a universal "baseline" 10% tariff on all imports into the US, on what he has dubbed "Liberation Day". Trump also unveiled a 10% tariff on UK goods and 20% on EU goods in a watershed moment for global trade.

President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.

Canada's main stock index rose on Wednesday to its highest closing level in over a week, helped by gains for industrial and technology shares, as investors awaited U.S. President Donald Trump's announcement of sweeping new trade tariffs.

President Trump announced the U.S. will impose a minimum baseline of 10% tariffs on goods imported from all foreign countries, along with further "reciprocal tariffs."