What to know about President Trump's 'Liberation Day' tariffs

President Donald Trump announced his latest plan for tariffs Wednesday afternoon in an event at the White House Rose Garden, which he said is going to focus on imposing reciprocal tariffs on U.S. trading partners.

Trump's "Liberation Day" tariff announcement comes after the conclusion of the trading day for U.S. financial markets, which have been rattled by uncertainty over tariffs in recent weeks. The S&P 500 is down about 3.9% year to date and the benchmark index's gains since Trump's election in November have been erased amid concerns about a widening trade war.