President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

President Trump is set to reveal his tariff plans as part of a "Liberation Day" ceremony at the White House. Uncertainty over tariffs has roiled financial markets in recent weeks.

President Donald Trump said countries, whether staunch allies or adversaries, would be subject to at least a 10% tariff.

After China announced its own retaliatory tariffs, the White House says President Trump will impose a 104% tariff on Chinese goods starting at midnight on Wednesday.

The US and China tariffs keep escalating. The US will impose a cumulative 104 percent tariff on goods imported from China after midnight tonight alongside a host of tariffs on other countries, the White House confirmed to CNBC.

"It would be a mistake to think that China will back off and remove tariffs unilaterally," says Alfredo Montufar-Helu, a senior advisor to the China Center at The Conference Board think tank. "Not only would it make China look weak,

President Donald Trump is holding firm on his 104% tariffs hike on Chinese products. This comes after China said it would retaliate against U.S. tariffs he announced last week.

President Trump yesterday told China to rescind its retaliatory tariffs on the U.S. or face additional tariffs of 50 percent starting tomorrow. The threat came as countries around the world were trying to appeal to the president to have steep tariffs rolled back.

Donald Trump has threatened China with an extra 50% tariff on goods imported into the US if it does not withdraw its 34% counter-tariff, as global markets continue to fall. Beijing retaliated on Sunday,