President Trump's big tariff unveiling now expected Wednesday afternoon remains the focus. The announcement is widely expected to bring the biggest set of protectionist measures since Smoot-Hawley, which is seen as precipitating the Great Depression of the 1930s.

Reports Tuesday said one option Trump is weighing calls for a 20 percent across the board tariff on all US imports. Another option would assign varying tariff levels to countries according to some measure of restriction each country imposes on US exports. A third option calls for tiering of tariffs, varying by product, or a combination of the second and third options. Markets are hoping for clarity, at least, on the president's plans, and if possible, a sense of how long the tariffs will last. Very problematic remains the question of what Trump is trying to accomplish.

In more typical macroeconomic news, markets will pay attention to the US ADP employment report due at 8:15 am ET Wednesday to get a sense of how the job market is faring, and an advance read on Friday's US jobs report. Expectations call for a moderate increase of 120,000 in ADP private payrolls for March. Weekly jobless claims have held pretty stable and suggest employment is holding up as firms wait for clarity on the impact of tariffs, immigration, DOGE austerity measures, and other steps from the Trump administration to remake the economy.

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.