Countdown to Liberation Day: What we know so far about Trump's reciprocal tariffs

US President Donald Trump has called today "Liberation Day" and has strongly said that there are substantial changes in US trade policy on the horizon. The announcements are scheduled for 4 PM ET in the Rose Garden.

Although the announcement is merely hours away, no one is entirely sure what Trump is going to say, which is creating a great deal of uncertainty both in the stock market and the business world.

What we can expect from the announcement

Now that Trump and his strategists have toyed with a variety of ideas, including tariffs on imported goods, taxes on certain items, and even general tariffs on imports, it's difficult to predict exactly what is going to happen.

Yet the question remains if any of this speculation will become reality. This uncertainty is affecting the economy since consumers and companies are reluctant to take financial decisions until they get complete information on the plan.

ALSO READ: Tariffs announced on April 2 to be effective immediately: White House

The complication of trade policy is adding to the confusion in this case. For instance, if the US imposes "reciprocal tariffs," does that imply the US will retaliate with tariffs on each and every product imported from each and every nation? Or will the government opt to tax some products or just some nations? These are questions that remain unanswered.

White House prepares for big changes

Earlier on Tuesday, the White House confirmed that President Trump's proposed tariffs announced today will go into effect immediately. As planned, automobile tariffs also begin on April 3. The White House Press Secretary, Karoline Leavitt, told reporters that the day Trump was "perfecting" his tariff policy with his team.

"My understanding is that the tariff announcement will come tomorrow," Leavitt said. "He is with his trade and tariff team right now, perfecting it to make sure this is a perfect deal for the American people and the American workers, and you will all find out in about 24 hours from now."

Leavitt also provided clues on what the tariffs might look like. She explained that Trump is willing to negotiate with foreign countries and companies that desire lower tariff levels. She stated that some nations had actually contacted the US administration to talk about the president's intentions.

We might find out more today, or might not. We'll know for sure at 4 PM ET.

ALSO READ: Trump's 20% Tariff plan sparks trade war fears