White House press secretary Karoline Leavitt will brief reporters Tuesday afternoon as economic turmoil mounts over President Trump's trade policy.

Trump has largely changed his tune on how sweeping tariffs could impact U.S. consumers and signaled negotiations are underway with many foreign trading partners. No deals have been announced thus far.

The briefing comes ahead of an expected announcement by Federal Reserve Chair Jerome Powell. Trump has pressured Powell to raise interest rates, but recession fears and the effect of his latest tariff rollout on the markets has led the Fed to keep interest rates steady.

It also follows news earlier this month that showed U.S. gross domestic product shrank in the first quarter of 2025.

The event is scheduled to begin at 1 p.m. EDT.

Watch the live video above.