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

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.

Markets fell to start a week that will see President Donald Trump’s wide-ranging “Liberation Day” tariffs take effect. NBC News’ Christine Romans reports on how the stock market is experiencing its worst quarter in three years.

The S&P 500 futures fell 3.4% as major stock indexes continued to decline after suffering their worst drop since the COVID-19 pandemic the day before.