Impact effect? Risk-off and lower Treasury yields. No break of prior ranges on market rates but it smells like they want to go lower ahead. It feels like this could unravel further negative.

Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.

Tomorrow is what President Trump calls "Liberation Day" as he is expected to announce new tariffs. NBC News' Melanie Zanona reports more from Capitol Hill. Also, NBC News' Christine Romans joins Katy Tur to provide more insight on the markets and the potential economic impact.

After weeks of White House hype and public anxiety, President Donald Trump is set to announce a barrage of self-described “reciprocal” tariffs on friend and foe alike

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.

U.S. stocks whipped through another dizzying day of trading, but the mood on Wall Street turned sour after President Donald Trump unveiled sweeping new tariffs against nearly all U.S. trading partners,

Trump announced sweeping tariffs Thursday, which caused markets to plummet, but the president believes they'll help the country going forward.

"The principal risk is around the economy," said Lanhee Chen, a fellow at the Hoover Institution and former adviser to Republican leaders Mitt Romney and Marco Rubio, referring to the tariffs. "One is an immediate risk on prices and what that means for a president who was elected in part to bring prices down,

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.