President Donald Trump is preparing to announce sweeping tariffs today in what the White House has called "one of the most important days in modern American history." The measures, dubbed "Liberation Day" by Trump, will take effect immediately upon announcement, according to White House press secretary Karoline Leavitt.

European markets showed clear signs of concern ahead of the announcement, with the pan-European STOXX 600 index falling 0.7 percent and Germany's trade-sensitive DAX dropping 1.2 percent in morning trading. Investors fear these tariffs could lead to slower global growth and higher inflation.

The tariff announcement is scheduled for 4 p.m. at the White House Rose Garden (9 p.m. Irish time). Details have been kept secret, creating market uncertainty and worry among U.S. trading partners, including Ireland. The lack of clarity has contributed to market turbulence in recent days.

The tariffs come amid ongoing negotiations with China over TikTok's future in the United States. Trump recently suggested his administration might offer China "a little reduction in tariffs" if Beijing approves ByteDance's sale of TikTok's U.S. operations before the April 5 deadline set by his executive order.

Leavitt stated the tariffs aim to address what the administration sees as trade imbalances. "Too many foreign countries have their markets closed to our exports. This is fundamentally unfair. The lack of reciprocity contributes to our large and consistent trade deficits that have gutted our industries," she said.

Several approaches have reportedly been considered, including:

• A flat 20 percent tariff on all U.S. imports
• Targeted tariffs based on trade barriers placed on U.S. goods by specific countries
• Measures aimed at raising approximately $6 trillion (€5.5 trillion) in revenue

European officials have already begun planning their response. French industry minister Marc Ferracci stated that Europe will respond "in a proportionate manner" but "will not escalate tensions under any circumstances." Deutsche Bank strategist Jim Reid noted, "The other big unknown from here is how other countries might retaliate."

When questioned about potential negative consequences of the plan, Leavitt expressed complete confidence: "They're not going to be wrong. It is going to work. The president has a brilliant team of advisers who have been studying these issues for decades. We are focused on restoring the golden age of America."