“Liberation day” was set for 1 April. But Donald Trump decided to change it to another day because he didn’t want anyone to think it was an April fool’s joke.

It’s no laughing matter for him and it’s no laughing matter for governments around the world waiting for his tariff announcements.

There is a lot we still don’t know about the plans that are going to be announced in the Rose Garden of the White House later today.

It was significant that we didn’t see the President at all on Tuesday. He and his advisors were all tucked away in the West Wing, away from the cameras, ironing out the details of the tariff plans.

Follow the events of Liberation Day as they unfold

Three key figures are central to it all.

Treasury Secretary Scott Bessent is the so-called ‘measured voice’. A former hedge fund manager, he has argued for targeted, not blanket, tariffs.

Peter Navarro is Trump’s senior counsellor for trade and manufacturing. A long-time aide and confidante of the president, he is a true loyalist and a firm believer in the benefits of tariffs.

His economic views are well beyond mainstream economic thought – precisely why he appeals to Trump.

Stop that crap: Trump adviser Peter Navarro reacts to Sky News correspondent’s question over tariffs

The third key character is Howard Lutnick, the commerce secretary and the biggest proponent of the tariff juggernaut set to run full-steam ahead on Liberation Day.

The businessman, philanthropist, Trump fundraiser, and billionaire (with a net worth ranging between $1 billion and $2 billion) has been among the closest to Trump over the past 73 days of this presidency – frequently in and out of the West Wing.

If anything goes wrong, observers in Washington suspect Trump will make Lutnick the scapegoat.

What are Donald Trump’s tariffs, what is ‘Liberation Day’, and how does it all affect the UK?

And what if everything goes wrong? What if Trump is actually the fool?

“It’s going to work…” his press secretary said when asked if it could all be a disaster, driving up prices for Americans and causing global economic chaos.

“The president has a brilliant team that has been studying these issues for decades, and we are focused on restoring the Age of America…” Karoline Leavitt said.