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.

President Donald Trump’s promised “liberation day” of tariffs is here. How investors can navigate any market volatility coming after April 2.

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.

President Trump will announce widespread tariffs on April 2, an event he’s referring to as “Liberation Day.” Related: Jim Cramer offers blunt one-word reaction to 20% tariffs The fact that Liberation Day may determine what happens to stocks next has caught the attention of veteran analyst Tom Lee of FundStrat.

Options data indicates big swings are possible in responses to Trump's tariff announcements on Wednesday. Here's what to know.

The stock market fell significantly on Thursday after President Donald Trump’s “Liberation Day” announcement.

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.

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.

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.