President Donald Trump is holding a "Make America Wealthy Again" event, during which he is expected to announce and reveal further details surrounding his "Liberation Day" tariffs that will roll out Wednesday.

Few details of the announcement are known prior, creating anxiety among the business community and global leaders.

The trade conflict between the world’s two largest economies reached new terrain as Beijing showed its anger with first across-the-board levies.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.

President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.

The US president, who has vowed to remake the global trade order, dismissed concerns, noting the US jobs market is strong.

Global stocks fell and government bonds rallied on Thursday after Donald Trump’s sweeping new tariffs left the world on the brink of a full-blown trade war. The benchmark Stoxx Europe 600 index was down 1.

The president, who said the tariffs were designed to boost domestic manufacturing, used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II,