Trump tariffs LIVE: Fear grows as expected levies tipped to be 'negative the world over'

Fear is growing as Donald Trump's planned tariffs are expected to be "negative the world over". The UK and EU are bracing themselves for a trade war as the US president is set to impose sweeping tariffs on

The European Central Bank head Christine Lagarde said today: "It will be negative the world over and the density and the durability of the impact will vary depending on the scope, on the products targeted, on how long it lasts, on whether or not there are negotiations. Because let's not forget quite often those escalation of tariffs, because they prove harmful, even for those who inflict it, lead to negotiation tables where people actually sit down and discuss and eventually remove some of those barriers."

The message from the US president has been consistent - are coming on Wednesday but the plan has largely remained a mystery with the size and scope of the barriers unknown.

However, the Trump administration has trailed today's announcement as a sweeping one. But he has also said he will be "very kind" in his announcement which could be good news for Britain.

"Very simply, it's if they charge us, we charge them," the US President said in February, shortly before he ordered officials to develop such a plan. Trump will unveil his tariff plan today in his first Rose Garden press conference of his second term.

White House press secretary Karoline Leavitt said he will announce a "country-based tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades."

Experts fear a policy of wide-ranging levies on foreign goods could tip the U.S. into a recession risking a slowdown for businesses.

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