has been warned that things could get "ugly" if he imposes a sweeping 25% tariff as part of his "Liberation Day" levies. Global financial markets are currently on high alert ahead of the US president's announcement this evening as taxes could have significant impacts on corporate earnings, global growth,

Brian Mulberry, portfolio manager at Zacks Investment Management, said there are three possible outcomes of the Republican's escalating trade war. He told : "The range of outcomes can be categorised as good, bad and the ugly. A good surprise would be if there aren't as many tariffs or if they are more targeted and reciprocal. The bad would be if they are more heavy-handed in their approach, including sanctions, and the ugly would be if there is ."

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