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.

All eyes on President Trump as he prepares to reveal next phase of sweeping tariff agenda, as global markets fear escalating trade war