President Donald Trump's "reciprocal' tariffs against U.S. trading partners went into effect at midnight Wednesday, raising costs to import goods from China, Europe Southeast Asia and more.

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.

How concerned Federal Reserve officials were over stagflation risks as they met last month may become more clear on Wednesday in a readout of a gathering held before President Donald Trump's April 2 tariff announcement shook markets and made forecasts for higher inflation and slower growth more widespread.