Fallout from President Trump's order to proceed with 25 percent tariffs on imports from Canada and Mexico and to raise tariffs on Chinese goods another 10 percent and reaction to Trump's suspension of military aid to Ukraine will be the focus Tuesday. Trump repeated his pledge to go ahead with so-called"reciprocal" tariffs on imports of goods from the European Union on April 2. The shock of these developments is expected to transfix financial markets on Tuesday.

Rising volatility in financial markets is likely to echo increasing uncertainty about the economic outlook, not a good mix for risk assets. On Monday, news of a weaker than expected Institute for Supply Management report on US manufacturing business for February and disappointing January US construction spending figures spurred some forecasters to predict outright contraction in GDP in the first quarter. The Atlanta Fed's GDPNow model sees GDP contracting at a 2.8 percent rate in the first quarter, down from an already gloomy 1.5 percent contraction in the last forecast.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.