US President Donald Trump is poised to unveil sweeping new liberation day tariffs today. But has kept the world guessing until the last minute about the scope of the move that could spark a global trade war. Trump will roll out the measures flanked by cabinet members in the Rose Garden of the white house at 4:00 pm local time.

While Trump insisted he has decided on the reciprocal tariffs hitting countries that have targeted the United States, the white house admitted he was still ironing out the details with less than 24 hours to go.

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White House press secretary Karoline Leavitt said, “He is going to announce that decision tomorrow. I don't want to get ahead of the president. This is obviously a very big day. He's 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 worker. And you will all find out in about 24 hours from now."

Donald trump has been insisting in the face of economic experts that tariffs are a cure-all to tackle America’s trade imbalances with friends and foes alike.

Democrats call trump tariffs made up emergency

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While critics say that not only will US consumers bear the brunt as importers pass on the cost, but that they could increase the risk of a damaging recession at home and abroad, democratic senators accused trump of advocating policies that are designed to offset the cost of extending his 2017 tax cuts. They said the cost to the average family could be close to 5,000 to 6,500 US dollars this year.

Senate minority leader Chuck Schumer, a democrat of New York, said, "President Trump says, quote, 'I couldn't care less if prices go up.' to American families, America, you hear that Donald Trump says he couldn't care less if you pay more. And it's not just a little -- the estimates go as high as 6,500 dollars more for the average American family."

Senator Mark Warner, a democrat of Virginia, "Don't take my words about how much these tariffs are going to cost. Take the ever-colourful Peter Navarro, who -- Trump -- was one of his trade people, says it will raise $100 billion off the car tariffs each year, 600 billion off the reciprocal tariffs, $700 billion tariffs, who's going to pay those American consumers? This will be the largest tax increase on American consumers in modern times - end of story."

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Global markets have been jittery for days ahead of Trump's announcement, while the countries most likely in the crosshairs have called for talks even as they ready retaliatory measures.

Canadian Prime Minister Mark Carney said his government will be "very deliberate" in its countermeasures if the US President proceeds with his proposed tariffs. He emphasised that Canada will not allow itself to be weakened by US policies.

Canada's Prime Minister, Mark Carney, said, “President Trump is in the process of trying to fundamentally restructure the US economy. And that means that our economy here needs to change dramatically as well. And as I made clear to President Trump in our call last week, I will reject, I will reject all attempts to weaken Canada. All attempts to wear us down, to break us down so that America can own us.”

While Mexican President Claudia Sheinbaum said her government does not subscribe to a retaliatory "eye for an eye" approach regarding US tariffs, but it is prepared to respond strategically.

Mexican President, Claudia Sheinbaum, said, “We do not believe in an eye for an eye, a tooth for a tooth, because that always leads to a bad situation. Of course, measures are taken because measures are taken on the other side, but the dialogue must continue. It's not about tit-for-tat, but about what is best for Mexico and how to face this situation.”

(With the inputs from the agencies)