Global markets are tense as investors await President Donald Trump's much-anticipated "Liberation Day" tariff announcement.

U.S. stocks closed up on Wednesday ahead of President Donald Trump's announcement of sweeping tariffs, which the White House dubbed "Liberation Day." The Dow Jones Industrial Average climbed 230 points, or 0.5%, while the S &P 500 rose 0.6%. The tech-heavy Nasdaq increased 0.8%.

While there are a few concerns that have investors' attention at the moment, including a forecasted contraction in first-quarter gross domestic product, along with the historic priciness of stocks, perhaps the prevailing issue for the stock market is President Donald Trump's tariff policy.

The New York Stock Exchange opening bell rings to start the day's trading after President Donald Trump announced his plans for sweeping tariffs on April 2.

Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.

President Trump’s recent “Liberation Day” announcement regarding tariffs has caused a flood of memes across social media. On April 2, 2025, President Donald Trump declared a national economic emergency,

Overseas markets also slid Friday. In overnight trading in Asia, Tokyo's Nikkei 225 lost 2.8%, while South Korea's Kospi sank 0.9%. Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday's sell-offs in Asia.

U.S. stock indexes are drifting lower with uncertainty still high about just what President Trump will announce on his “Liberation Day”