US President Donald Trump will announce sweeping tariffs on the EU tonight. He’s dubbed today Liberation Day, with countries across the world to have their trading patterns disrupted.
Political Correspondent Seán Defoe reports: "CNN has developed an index tracking what mood is driving the American stock market at any one time. For the last month the overriding emotion is extreme fear, as the shadow of tariffs causes large sell offs and plummeting stock prices. Donald Trump has promised a golden age for America – dubbing today as 'Liberation Day'.
"TDs yesterday described it as the worst April Fool’s joke in history. The EU doesn’t know exactly what’s coming but is preparing for 20 per cent tariffs on all goods being exported to the EU. Meaning in practice the cost of 100 dollars worth of goods in the States would rise to 120 dollars. That cost will be passed to consumers but will also hit Irish exporters selling into the US market.
"The European Commission has said it has a strong package ready to deploy in response, but the Irish Government doesn’t want the bloc to up the ante. Ireland is one of the most exposed countries to this potential trade war, and will be hoping what Donald Trump announces at 8pm is an opening position that can be negotiated down."
