Hello and welcome to News Hour from the BBC World Service. We're coming to you live from London.

I'm James Menendez. The screenwriter William Goldman famously said of Hollywood, nobody knows anything.

Well, the same could be said are the world's economists, financial analysts and indeed politicians,

nervously waiting to find out what level of

tariffs or import taxes President Trump will unveil later today in the Rose Garden of the White

House. One of the world's biggest banks wrote to its clients yesterday to say, we don't know what

tomorrow brings. And yet, the tariffs, depending on how they're applied, could have a huge impact

on all of us, on businesses in the US, as we'll hear shortly, on inflation in the US, and on

global trade. And that puts jobs in all sorts of sectors in the firing line. For President

Trump, though, today is Liberation Day, freeing the U.S. from the shackles

of what he regards as other countries taking advantage. Here's the White House spokeswoman

Caroline Levitt. Our country has been one of the most open economies in the world, and we have the

consumer base hands down. But too many foreign countries have their markets closed to our exports.

This is fundamentally unfair.

The lack of reciprocity contributes to our large and persistent annual trade deficit

that's gutted our industries and hollowed out key workforces.

But those days of America, beginning tomorrow, being ripped off are over.

American workers and businesses will be put first under President Trump,

just as he promised on the campaign trail.

Well, let's go live to Washington, D.C., and talk to the BBC's Peter Bose, who joins us on the line. Peter, what might he enhance later?

Well, these are indeed tariffs that could affect the entire world, every country,

or perhaps to greater or lesser extent, specific countries on specific products.

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