Donald Trump has been given an embarassing warning that his "Liberation Day" tariffs will actually harm the US economy and consumer spending. The US president announced yet more taxes on imports will be unveiled today, which he believes will make the US's trading conditions more favourable.

However, experts have asserted that the opposite is true, as the Republican's latest levies will instead send inflation soaring and economic activity declining. Stephen Barber, Professor of Global Affairs at the University of East London, explained that tariffs merely pass the cost on to the consumer as businesses must find a way to offset the extra fees. He told the Express: "The country worst affected by this policy is the United States itself. Tariffs have the effect of pushing up inflation while slowing economic activity.

"That is they mean higher prices for consumers and lower growth or cash to spend for ordinary people. This in turn puts pressure on interest rates which will come down much more slowly."

Daire Burke, head of finance broker Swoop Funding's North American operations, added that the US agriculture and hospitality sectors are expected to be the hardest hit by the president's tariffs.

He told the Express: "US farmers are bracing for retaliatory measures from trading partners such as China, Canada, and Mexico, which could further depress commodity prices and reduce export opportunities.

"The agricultural sector, already strained by previous trade disputes, faces heightened uncertainty and potential financial hardship.

"Restaurants and bars that rely on European imports, such as wine and spirits, are [also] preparing for significant cost increases due to potential 200% tariffs on these products.

"This could lead to higher prices for consumers and reduced profit margins for small businesses in the hospitality industry."

Mr Trump believes the US has long been treated unfairly by its trade partners and wants to impose reciprocal tariffs to match the duties that other countries charge on US products.

He argued that tariffs protect US industries from unfair foreign competition, raise money for the federal government and provide leverage to demand concessions from other countries.

The US president is set to impose taxes on imported pharmaceuticals, copper and lumber. He proposed a 25% tariff on any nation importing oil from Venezuela, despite the US also being an importer.

The automotive industry is also due to be particularly badly hit, raising fears for Europe's top car manufactures such as Germany and Spain.