Wall Street was poised to open with losses as markets anxiously waited to hear the details of President Donald Trump’s latest tariff announcement.

Tariffs are typically bad news for the economy and stock market. "They raise prices, slow economic growth, cut profits, increase unemployment, worsen inequality, diminish productivity and increase global tensions," according to David Kelly, Chief Global Strategist at J.P. Morgan.

U.S. stocks sold off Wednesday as investors awaited an announcement about the scope of U.S. tariffs against trading partners. The broad S&P 500 lost 1.1%, or 61 points, to trade near 5,572 after the opening bell.