DONALD TRUMP was expected to announce a wave of tariffs on what the US president called Liberation Day to punish other countries for “unfair” trade practices.

As of this morning, the White House had yet to publish an official notice of tariffs, as required by policy.

The details remained unclear ahead of a ceremony scheduled for 4pm Washington time — after the Morning Star went to print.

Mr Trump wrote on his social media platform: “It’s Liberation Day in America!”

European Central Bank president Christine Lagarde warned: “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.”

Trading partners are expected to respond with actions of their own.

Canada has already imposed measures in response to the 25 per cent tariffs that Mr Trump tied to the trafficking of fentanyl.

The European Union, in response to steel and aluminium tariffs, put taxes on €26 billion (£21bn) worth of US goods, including on bourbon, which prompted Mr Trump to threaten a 200 per cent tariff on European alcohol.

Many US vassals feel they have been reluctantly drawn into a confrontation.

“Europe has not started this confrontation,” said European Commission president Ursula von der Leyen.

“We do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it.”

US Senate Democratic leader Chuck Schumer of New York said the tariffs were a way for Mr Trump to raise revenues to fund income tax cuts that disproportionately favour millionaires and billionaires.

“Almost everything they do, including tariffs, it seems to me, is aimed at getting those tax cuts for the wealthy,” he said.