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.

Trump administration officials say that tariffs will spur both foreign and domestic companies to expand in the U.S.; lead to more balanced trade with economic allies; reduce the U.S. trade deficit with other countries; and generate federal revenue that can be used for other priorities.

Donald Trump's latest batch of global tariffs sent shockwaves through markets, seeing Apple stock slide more than six percent in late-night trading Wednesday. The president announced that blanket 10 percent tariffs on all countries and much higher levies on “worst offenders” such as China and Taiwan.