US President Donald Trump will announce the details of his “Liberation Day” plan at 4PM today, as he aims to redraw economic agreements with US trading partners.

Reuters reported that the new duties are expected to take effect immediately after Trump announces them, while a separate 25% global tariff on auto imports will take effect on April 3.

Meanwhile European leaders have warned against a “trade war” ahead of Mr Trump’s tariffs announcement, citing that the new tariffs can increase prices and upend a decades-old trade order.

UK’s Prime Minister Keir Starmer said he “rules nothing out” as US-UK trade talks continue, adding that preparations are ongoing for all eventualities.

He also noted that Northern Ireland will be at the forefront of all its decisions as US goods entering Northern Ireland would have to pay EU tariffs while the UK would be exempt.