World braces for US tariffs

WASHINGTON: US President Donald Trump was due to unveil sweeping new "Liberation Day" tariffs yesterday, but kept the world guessing until the last minute about the scope of an onslaught that could spark a global trade war.

- 

Mr Trump was set to roll out the measures flanked by cabinet members in the Rose Garden of the White House at 4pm local time - after Wall Street markets closepromising that they will stop America being "ripped off" and will deliver a new "golden age" of US industry.

But while Mr Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the United States, the White House admitted he was still ironing out the details with less than 24 hours to go late on Tuesday.

The Republican billionaire has had a long love affair with tariffs, insisting in the face of economic experts that they are a cure-all to tackle America's trade imbalances with friends and foes alike.

Critics say that not only will US consumers bear the brunt as importers pass on the cost, but they could also increase the risk of a damaging recession at home and abroad.