President Trump on Wednesday is set to give a "Make America Wealthy Again" speech Wednesday afternoon, when he is expected to announce additional taxes on certain imported goods, as well as reciprocal tariffs on other nations.

Trump has deemed April 2 “Liberation Day” because of the tariffs.

Despite concern over the economy and financial markets in the U.S. and abroad, the president has argued that the tariffs will boost domestic manufacturing. He has said he's also implementing them to help to curb the flow of drugs, such as fentanyl, from entering the U.S. The perceived trade war, which has sparked significant backlash on both sides of the aisle, follows tariffs imposed earlier this month on Canada, Mexico and China.

Trump's remarks from the Rose Garden are scheduled to begin at 4 p.m. EDT.

Watch the live video above.