The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.

The president's long-awaited tariff announcement will come on the same day Trump faces a possible rebuke from the Senate. Enough Republicans are expected to join Democrats on Wednesday in voting to end the emergency declaration enabling tariffs against Canada.

All eyes are on President Trump as he prepares to reveal the next phase of his sweeping tariff agenda, leaving global markets fearing a trade war

President Trump has set a deadline of Wednesday to announce sweeping tariffs

Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

It comes as the president recently announced a 25% tariff on imported vehicles and some auto parts among other tariffs.

President Trump has spent weeks drawing attention to “Liberation Day,” the title he’s given today when he’s expected to announce reciprocal tariffs on all US trade partners.

President Trump announced the U.S. will impose a minimum baseline of 10% tariffs on goods imported from all foreign countries, along with further "reciprocal tariffs."

President Donald Trump is set to announce a barrage of tariffs Wednesday in what he is calling “Liberation Day."