Reciprocal tariffs announced today will have a time delay, won't be an executive order

CNBC's Eamonn Javers reports on what to expect in the 1 pm announcement:

• There will be a time delay of an unclear duration before they go into effect (he said April 1 was a possibility)
• This will be a "Presidential memorandum" not an executive order (which is lower tier)
• The USTR will be tasked with identifying the next steps
• There will be some details in terms of exemptions, which CNBC called "slight"
• They're still "putting the final touches" on the memorandum

The US dollar has sagged on this report with the market taking it as a good sign.