Sir Keir Starmer has said the UK is “preparing for all eventualities” as global stock markets nervously await the imposition of Donald Trump’s so-called “Liberation Day” import tariffs.
Asian and European stocks stuttered on Wednesday morning amid fears from investors and world leaders that Mr Trump’s plans could intensify a global trade war. Germany saw the biggest dip as the DAX fell 1.3 per cent by midday, with the UK’s FTSE100 also down 0.8 per cent.
The White House has provided no details about the size and scope of Mr Trump’s trade barriers, which he is set to announce at 9pm, after which reciprocal tariffs on countries imposing duties on US goods will immediately take effect.
As analysts at the leading IPPR think-tank warned that tariffs could “completely destabilise the UK car manufacturing industry” and put 25,000 UK jobs at risk, Sir Keir told MPs that a trade war with the US is “in nobody’s interest”.
“The country deserves – and we will take – a calm, pragmatic approach,” Sir Keir told the Commons, adding: “Our decisions will always be guided by our national interest, and that’s why we have prepared for all eventualities – and we will rule nothing out.”
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Key points
- UK ‘prepared for all eventualities’ as Trump tariffs loom, Starmer tells MPs
- Tariffs could put 25,000 jobs at risk in UK car industry, analysts warn
- European stocks dip ahead of Trump announcement
- Asian stocks fall ahead of Trump's levies
- How will Britain be affected by Trump's tariffs?
Comment | Liberation day? There can be no winners from Trump’s trade war
13:09
,
Andy Gregory
In his latest column, our chief business commentator James Moore writes:
Donald Trump is characterising it as “Liberation Day”. The rest of the world is scratching its collective head and wondering how the most destructive trade policy the US has ever embarked on will end – and how much damage it will do to the global economy.
It’s still not clear how this “liberation” will work or what form it will take. Will the tariffs be Trump’s favoured 25 per cent? Will they land on top of the levies already imposed? How will those charged with collecting at America’s ports and border crossings cope? Who knows or dares to ask?
The potential chaos will be mitigated at first because of the protective measures taken by those affected. While some – especially on Wall Street – viewed his victory with rose-tinted spectacles, importers in the US were much more sanguine and took steps to prepare for the worst.
They stepped on the gas. The net result of this can be seen in the numbers. Trump’s attempt to reduce the US trade deficit resulted in it jumping to a record $131.4bn in January 2025, up from a shortfall of $98.1bn in December 2024. The irony could hardly be more painful. Of course, that will unwind over time, and Trump will doubtless use the fall in the deficit when it does to claim the policy is working.
But his trade H-bomb will result in fallout over the US as much as it does over the rest of the world and not just by requiring American consumers to pay more for the goods they buy or hiking the costs of US businesses which import raw materials from overseas.
Watch: UK ‘preparing for all eventualities’ ahead of Trump tariffs, Starmer says
12:54
,
Andy Gregory
PMQs analysis: Kemi Badenoch avoids the subject everyone wants to talk about – Trump tariffs
12:34
,
Andy Gregory
Here is some PMQs analysis from our political editor David Maddox:
The Tory leader made a lot of trying to cosy up to the new Trump administration and her friendship with vice president JD Vance soon after the inauguration.
So it may not be entirely surprising that she wants to steer clear of the subject of US tariffs on the UK and the rest of the world with the possibility of a trade war.
Earlier this week she also admitted that she had made no representations to her American allies to try to help Britain avoid the tariffs.
As a former trade secretary who did not try to get a US trade deal the whole subject is becoming an embarrassment for Ms Badenoch.
No wonder she does not want to talk about the main subject of the day in PMQs.
FTSE down 0.8 per cent ahead of Trump tariffs as German market index leads losses
12:32
,
Andy Gregory
Our business and money editor Karl Matchett reports:
Time for a midday look at the markets and see who is avoiding the drops, perhaps, with the FTSE 100 now down 0.8 per cent for the day, similar to the Euronext (0.76%) and lower than the CAC 40 (0.64%).
It's still Germany's DAX which leads the losers though, now 1.3 per cent in the red ahead of Trump's tariff talk.
On these shores though, it's housebuilders, defence spenders and those who sell lots of individual items Stateside which are seeing a risk-off plan by investors affect them most.
GSK is down more than three percent and AstraZeneca two per cent in an example of the latter, with pharma of course big business everywhere, but domestically housebuilder Persimmon is the biggest faller of the day now, 3.4 per cent down. Rivals Barratt Redrow (-2.1 per cent) and Berkeley Group Holdings (-2.4 per cent) haven't escaped either.
PMQs: A reminder that tariffs on the EU will harm Northern Ireland directly
12:27
,
David Maddox, Political Editor
The DUP’s Gavin Robinson presses Sir Keir Starmer on the impact of tariffs from the US on Northern Ireland.
Even if the UK manages to get a carve out with a trade deal, Northern Ireland will not escape EU tariffs because of the Windsor framework and post Brexit settlement.
The prime minister says this is “why we need a calm and pragmatic approach” to what happens later on tonight.
But it is another sign that Brexit has taken control of what happens in the UK out of the hands of the government.
Lib Dems challenge Starmer’s approach on Trump
12:21
,
Andy Gregory
Our political correspondent Archie Mitchell reports:
Sir Ed Davey has once again challenged Sir Keir Starmer’s approach to Donald Trump, urging the prime minister to form an “economic coalition of the willing” to fight the US president’s tariffs.
The Liberal Democrat leader has repeatedly urged the prime minister to take a firmer stance against the White House under Mr Trump.
Sir Keir said Sir Ed has tried every week “to tempt me to make a false choice between our relationship with the US and with other countries, particularly Europe”.
“We have a good deal of trade relationship with the US, and our interests are best served by calmly trying to secure a deal which is in our national interest,” the PM said.
He refused Sir Ed’s calls to launch a trade war with the US in retaliation against Mr Trump’s tariffs, sticking to his plan to try to negotiate a carve out for Britain from the levies.
Starmer tells MPs that UK will take ‘calm and pragmatic’ approach to Trump tariffs
12:05
,
Andy Gregory
Sir Keir Starmer has opened this week’s PMQs session by discussing Donald Trump’s looming tariffs.
The prime minister told the Commons: “We’ve been preparing for all eventualities ahead of the confirmation of US tariffs later today.
“Let me be clear with the House, a trade war is in nobody’s interest. The country deserves – and we will take – a calm, pragmatic approach.
“That’s why constructive talks are progressing to agree a wider economic prosperity deal with the US. That’s why we’re working with all industries and sectors likely to be impacted.
“Our decisions will always be guided by our national interest, and that’s why we have prepared for all eventualities – and we will rule nothing out.”
Goldman Sachs downgrades UK economic growth forecasts
11:59
,
Andy Gregory
Goldman Sachs has downgraded its forecasts for UK economic growth as a result of Donald Trump’s anticipated US tariffs.
The UK is now expected to see growth of 0.8 per cent this year, down from 0.9 – and 1.2 per cent in 2026, down from 1.3, according to the bank.
The below chart illustrates the UK’s quarterly economic growth in recent years:
Investors urged to ‘remain disciplined’ amid fears over Trump tariff impact
11:38
,
Andy Gregory
Our business and money editor Karl Matchett writes:
For any novice, occasional or new investors out there, it might feel a slightly scary time given how much big tech stocks have dropped over the last couple of months, how much emphasis is being placed on a figure like Trump and seeing UK stocks tick down today. But it's important to remember at times like this that investing is a long-term process and, wherever possible, removing emotion from the occasion is a good ploy.
Nina Stanojevic, senior investment specialist at St. James’s Place, has offered a reminder of the need to take a step back.
“With market uncertainty expected to peak around President Trump’s ‘Liberation day’ today, investors could be forgiven for feeling a sense of panic around the impact of predicted tariffs on their portfolios,” Ms Stanojevic said.
“Despite this, while it’s important to stay vigilant to tail risks – low probability but high impact events – it’s crucial that investors remain disciplined and avoid making any impulsive portfolio adjustments in response to short term turbulence. With history evidencing the resilience of markets to political change, it is vital that investors do not fall prey to short term volatility surrounding tariff implementation and instead focus on taking a disciplined approach and maintaining a diversified portfolio over the long term.”
In more simplistic terms, if you’re concerned about short term drops across entire markets ... zoom out. The multi-year picture gives an idea of how it can bounce back.
Starmer ‘not planning to speak to Trump today’ as No 10 pins hopes on rapid economic deal
11:28
,
Andy Gregory
Sir Keir Starmer is not reportedly planning to speak to Donald Trump ahead of the US president’s tariffs announcement tonight, with any hopes of a last-ditch concession on UK export taxes fading.
The Times’ political editor Steven Swinford reports that, while the PM is not planning to call Mr Trump today, there are hopes that an economic deal with the US can be signed as soon as next week, with sources reported to be talking about “days or weeks”.
Kemi Badenoch says retaliating to Trump tariffs would ‘make everyone poorer’
11:21
,
Andy Gregory
Conservative leader Kemi Badenoch has said that the UK government should not retaliate to Donald Trump’s looming tariffs.
Speaking to LBC on Tuesday, the Tory leader said that a trade deal was the “best way” to avoid tariffs and that retaliation would “make everyone poorer”.
Trade war would present ‘clear’ systemic risk to the global trading system, expert warns
11:17
,
Andy Gregory
Our business and money editor Karl Matchett reports:
Nobody is playing down how serious today might turn out to be. It’s not just about what Trump, or America, will be doing to imports – it's also about the knock-on effect on US exports.
John Denton, secretary general of the International Chamber of Commerce, explained how nations enforcing reciprocal tariffs might “represent the single largest escalation in US tariffs in the last century”.
Pushing leaders to instead focus on conversation to make international trade easier rather than placing additional costs on it, the ICC make an important note in an analyst paper that “in most cases tariffs act as a regressive tax paid primarily by domestic consumers with lower income, create supply chain disruptions and contribute to price increases”.
In other words, Trump will make goods more expensive for the least-well-off in his own country to start with and tariffs have habitually not contributed to too much beyond inflation and hampering the flow of materials around the globe.
“Our initial modelling of the potential implications suggests that the proportion of imports into the US that are subject to duties could increase from around 30 per cent to over 90 per cent — and take the effective average US tariff rate from 2.4 per cent to over 20 per cent,” Mr Denton added.
“The scope and scale of this tariff hike vastly surpasses the infamous Smoot-Hawley Act of 1930 and would place American exports valued at over $1.6bn at risk of some form of trade retaliation.
“There is a clear systemic risk to the global trading system if the reciprocal U.S. tariffs spark a tit-for-tat trade war involving multiple major trading partners.”
Trump car tariffs could put 25,000 jobs in UK at risk, analysts warn
10:44
,
Andy Gregory
US tariffs on car imports could put 25,000 UK jobs at risk and “completely destabilise the UK car manufacturing industry”, the leading Institute for Public Policy Research (IPPR) think-tank has suggested.
With Mr Trump planning to impose a 25 per cent tariff on imports of cars and car parts, researchers warned that employees at Jaguar Land Rover and Mini are some of the most exposed. The US is the second largest export market after the European Union for cars built in the UK.
Some 16.9 per cent of UK car exports were to the US last year, representing a total of more than 101,000 units worth £7.6bn.
IPPR research fellow Pranesh Narayanan said: “Trump’s tariffs have huge potential to completely destabilise the UK car manufacturing industry, affecting tens of thousands of jobs and putting the Government's growth plans at jeopardy.
“However, as one door closes another one opens. There is huge untapped potential in manufacturing green planes, trains and automobiles and selling them at home and abroad.
“If the government use the upcoming industrial strategy to drive investment in these sectors, this could be the spark that leads to thousands of new consumers to start buying British and buying green.”
Analysis: Starmer powerless as he waits for Trump to make up his mind on tariffs
10:38
,
Andy Gregory
Our political editor David Maddox reports:
Today is going to be one of frustration and anxiety for Keir Starmer and a collection of other leaders around the world.
They know something is going to happen with tariffs but they are still not sure what, all they know is that it will have a bad impact on the UK’s and other economies.
The problem is that only one many knows what is going to happen and that is Donald Trump.
This has led to the astonishing admission privately that the UK government may have been in effect talking to the wrong people by engaging with Trump’s actual trade secretary Howard Lutnick.
But even with the known unknowns it is obvious to everyone that at 9pm UK time when Trump makes his announcement the world order is going to be tipped over in a way it has not happened before since the Second World War.
Sir Keir will be hoping that he can make that as temporary as possible for the UK but even if he manages to land some sort of trade deal it is unlikely things will ever quite be the same again.
Pound steady but edgy as investors await Trump tariff plans
10:23
,
Andy Gregory
The value of the pound has remained steady so far this morning, with global markets in limbo ahead of Donald Trump’s tariff announcement.
Sterling was flat at $1.2921 – around the level at which it has traded since mid-March. The euro was around 0.1 per cent higher against the pound at 83.56 pence.
“Trump explicitly opened to a trade deal with the UK in previous months, putting British exports at the front of potential exemptions should negotiations follow today’s announcement,” Francesco Pesole, a currency strategist at ING, told Reuters.
“The more markets will see room for the initial tariff announcement being watered down via negotiations, the more sterling can outperform the euro.”
What is going to be the initial response to Trump’s tariffs from the UK and beyond?
10:08
,
Karl Matchett, Business and Money Editor
Russ Mould, investment director at AJ Bell, points out it’ll be a different approach on home soil to that taken by the EU – and notes this morning’s losers from the London market could yet have more pain ahead.
“This is all about doing deals. Trump wants companies to invest in factories and jobs in the US, to supply America with strategic items such as natural resources, and to make it easier for US firms to do business overseas,” Mr Mould said.
“While the EU has indicated it will fight back hard, the UK has taken a more considered approach in hope that a long-standing strong relationship with the US will help it avoid the worst of any tariff pain.
“If that approach doesn’t prove fruitful, we could see heightened volatility among shares in companies linked to the pharma, food and drink, aviation, chemical and automotive sectors – the biggest sources of British exports to the US.
“It was telling that GSK, AstraZeneca, Rolls-Royce and Melrose were among the top fallers on the FTSE 100, given they are in the firing line if Trump doesn’t give the UK special treatment.”
Watch: ‘A trade war would be in no one’s interest’, warns government minister
09:55
,
Andy Gregory
Starmer and Reeves to face grilling today
09:38
,
Athena Stavrou
The prime minister and the chancellor will both face questions from MPs on Wednesday as the government prepares for Donald Trump’s major tariff announcement.
Sir Keir Starmer and Rachel Reeves will be grilled at PMQ’s in the Commons at midday.
We will be bringing you live updates here.
European stocks continue to drop
09:24
,
Karl Matchett
Almost 90 minutes into trading and we're seeing the falls continue.
The FTSE 100 is down more than half a per cent now and GSK's losses have extended to 3.6 per cent.
However, anyone expecting Trump's announcement to end the market drops might be disappointed.
"We'd argue the potential is in fact higher for the 2 April deadline to introduce even more uncertainty - and hence prolonged broad-based weakness in leading indicators," said analysts at HSBC today.
There are certainly fears of retaliatory tariffs from some countries or blocs but everyone is in wait-and-see mode for now.
How badly could 'Liberation Day' affect the UK
09:19
,
Karl Matchett
Price hikes and job losses could have a total global economic toll of $1.4 trillion (£1.1 trillion) under the worst-case scenario according to Aston Business School.
That is if “full global retaliation with reciprocal tariffs” is the eventual outcome, which would see the US economy in particular hit.
Quite aside from the businesses involved, government spending could also be impacted. Last week, Rachel Reeves noted the government was laying out savings to restore £9.9bn of headroom for government expenditure.
One assessment of a worst-case scenario involving Trump tariffs and the UK suggests that would be entirely and immediately wiped out.
Starmer ‘offers US tech firms tax cut’ in last-ditch bid to dodge Trump tariffs
09:08
,
Athena Stavrou
Sir Keir Starmer has reportedly offered big US tech companies a major tax break in a last-ditch bid to dodge Donald Trump’s damaging tariffs.
The prime minister is prepared to lower the rate of the government’s digital services tax (DST) in a bid to win concessions from the president as a global trade war looms, it has emerged.
There is reportedly a deal on the table ready to be signed, covering areas such as artificial intelligence and other future technologies. But The Guardian on Wednesday also reported the UK has offered significant changes to the DST.
The move would reportedly see Britain lower the headline rate of the tax, in a major boost to major American firms such as Amazon, Facebook owner Meta and Google owner Alphabet, while at the same time applying the levy to companies from other countries.
Read the full story by my colleague Archie Mitchell here:
European stocks dip ahead of Trump announcement
08:55
,
Karl Matchett
The markets in London might be down this morning - 0.34 per cent for the FTSE 100, 0.2 per cent for the 250 - but the UK is faring better than European markets at this stage.
In France the CAC 40 is down almost half a per cent in early trading and the Euronext is down 0.6 per cent.
It's in Germany though where the biggest fall can be seen, the DAX down 0.8 per cent.
Given it is the best-performing market in Europe this year so far, perhaps that's not a huge surprise with some profit-taking probably included in that as well as removing a bit of risk.
What are tariffs and how is Trump planning on using them?
08:48
,
Athena Stavrou
Tariffs are taxes places on goods imported from other countries.
The measures essentially raise the price of imported good, making them less affordable for consumers.
Donald Trump hopes this boost the US economy by making domestically made goods cheaper than imported alternatives.
It is unclear what the US president will announce on Wednesday, but his administration views the application of VAT rate as discriminating against US goods and could respond with a 20 per cent tariff on imports from the UK.
Mr Trump has already announced a 25% import tax will be introduced on all cars imported to the US, a measure which will be a blow to the UK’s automotive industry.
Asia market update
08:31
,
Karl Matchett
Overnight in Asia, the markets had spent most of the day in negative territory but rallies later on saw Japan's Nikkei 225 actually close 0.28 per cent up, with the Hang Seng essentially now flat.
It appears most of the investing world is very much hedging bets ahead of Trump's tariffs speech, though it's worth noting the one commodity which has continued to increase over the past month is gold.
After consecutive new all time highs, however, peaking at around $3,175 yesterday, the price of gold futures has just pulled back slightly to around $3,140.
Analysts forecast that continuing to rise through 2025, some as high as $3,300.
FTSE100 opens lower on 'Liberation Day' morning
08:22
,
Karl Matchett
Ahead of president Trump's announcements today, the FTSE 100 has opened slightly lower - 0.3 per cent down in immediate trading, with a handful of companies individually down one per cent or more.
They include pharma business GSK, Endeavour Mining and Rentokil, who have a growing business Stateside.
The biggest early faller is housebuilder Persimmon though, down 1.5 per cent to start the day.
Comment: How my British tech firm could be a big ‘Liberation Day’ loser
08:17
,
Athena Stavrou
My Manchester-based business making editing equipment was hit hard when Donald Trump introduced tariffs on China – another round will cost me dearly, says Mark Brown.
Read the full comment piece here:
UK 'entering challenging period, minister admits
08:07
,
Athena Stavrou
The UK is in a “strong position” to strike an economic deal with the US but is “entering a challenging period”, Bridget Phillipson said.
The Education Secretary told Sky News: “We know that we’re entering a challenging period and a trade war with the US would be in no one’s interests.”
She added: “We believe we are in a strong position to strike that kind of deal.”
Asked whether the Government would consider abandoning its fiscal rules in the event of exceptional trade circumstances, she said: “I’m not going to speculate on hypotheticals, not least because those negotiations are still under way.
“We’re working incredibly hard to secure a deal that’s in Britain’s national interest, but fiscal rules do matter.
“They matter because we have to demonstrate that we have a clear sense about how we manage the public finances.
“I think your viewers will have seen in recent years with the Liz Truss government, what happens when you have a government that doesn’t have a grip on the public finances and isn’t prepared to make choices about priorities, and our fiscal rules are important, and they do matter.”
White House considering 20% tariff on most imports - report
08:00
,
Athena Stavrou
Donald Trump’s administration is considering a 20% tariff on most imports, reports have claimed.
The Washington Post reported that White House aides have drafted a proposal that would levy tariffs as such.
It also reported that there were several options still on the table.
World leaders vow to respond to Trump tariffs
07:53
,
Athena Stavrou
As the world nervously waits for Donald Trump to unveil his “Liberation Day” tariffs, leaders around the globe have promised to retaliate.
France’s industry minister said reaffirmed that Europe will likely respond to the measures in a proportional manner, and that the region must “show its strength and be less naive”.
Australian prime minister Anthony Albanese said he would stand up for the country's national interests in the face of looming tariffs that could hit Australian beef.
Minister dodges question on what 'plan B' is as tariffs loom
07:42
,
Athena Stavrou
Bridget Phillipson said she would not “speculate on eventualities” when asked what Britain’s “plan B” is if negotiations fail to produce a wider economic deal with the US.
Asked what the plan B would be, the Education Secretary told Times Radio: “Well, as I say, because the negotiations are still underway, I don’t want to speculate on eventualities.”
She added that the UK was “well-placed as a nation” to reach an economic deal.
Asked whether the Government would be willing to prop up some businesses if the worst happened, Ms Phillipson said: “I’m not going to speculate on what will or won’t happen in the days to come, but what I can tell you is that we’re continuing to have those very intense negotiations.”
US-UK economic discussions 'ongoing'
07:28
,
Athena Stavrou
“Discussions are ongoing” between the UK and US aimed at securing an economic deal, Bridget Phillipson said as she warned “this is going to be a difficult period”.
The Education Secretary did not say whether there was a prospect of the British Government getting an agreement over the line by this week to prevent damage from Donald Trump’s tariffs.
Asked whether this was a possibility, she told Times Radio: “Our teams are working at pace, have been working really hard in recent weeks, to put us in the best possible position to secure a deal.
“But I think we all recognise this is going to be a difficult period, but there won’t be any knee-jerk reactions from this Government.
“We will reserve all our options in terms of the responses that are available to us, but our focus at the moment is on continuing those discussions and seeking to get a good deal, that’s in the national interest.”
Trump’s tariffs put '25,000 UK automotive jobs at risk'
07:12
,
Alisha Rahaman Sarkar
More than 25,000 UK car manufacturing jobs could be at risk if Donald Trump’s planned import tariffs are introduced, according to new analysis.
The US president’s policy, set to be confirmed on Wednesday, could “completely destabilise the UK car manufacturing industry”, the Institute For Public Policy Research (IPPR) said.
Researchers warned that employees at Jaguar Land Rover and Mini are some of the most exposed.
Mr Trump is planning to impose a 25% tariff on imports of cars and car parts.
The US is the second largest export market after the European Union for cars built in the UK.
More here.
How will the UK be affected by Trump's tariffs?
07:00
,
Andy Gregory
Donald Trump is yet to reveal the full extent of his so-called “Liberation Day” tariffs, but his team have given a clear indication what to expect.
The measures will add to the 25 per cent tariff placed on imports of steel and aluminium to the US on all countries since March.
New global tariffs targeting auto parts used to make cars have now been confirmed after Trump delayed imposing 25 per cent on these goods from its neighbouring nations and China until the start of April.
Hundreds of reciprocal tariffs are also understood to have been drawn up by the Trump administration, which will be different for every country. These will consider factors like existing tariffs, trade balances and VAT for all of the US’s trading partners.
My colleague Albert Toth has more details here:
Japanese lawmaker says Trump tariffs 'may spell economic crisis'
06:46
,
Alisha Rahaman Sarkar
Tariffs imposed by Donald Trump may spell a big economic crisis for Japan, a senior lawmaker in the ruling Liberal Democratic Party (LDP) said.
"I personally feel that this may become a big economic crisis for Japan,” LDP policy chief Itsunori Onodera said yesterday, according to Japan Times.
"Especially given the breadth of the supply chain of the auto industry, I think this will become an enormous problem that will have an impact on all regions across Japan,” he said, referring to the 25 per cent auto levy that has already been announced by Mr Trump.
White House spokesperson Karoline Leavitt said reciprocal tariffs on countries that impose duties on US goods would take effect immediately after Mr Trump announces them, while a 25 per cent tariff on auto imports will take effect on 3 April.
Japanese carmakers ship about 1.45 million cars to the US from Canada and Mexico, where they operate factories, according to Japan’s trade ministry.
China's yuan briefly hits one-month low
06:03
,
Alisha Rahaman Sarkar
China's yuan fell to a one-month low against the American dollar this morning, before recouping early losses, just hours before US president Donald Trump's announcement of tariff plans.
The onshore yuan fell to a low of 7.2733 per dollar in morning deals, the weakest level since 5 March, before giving back losses to trade at 7.2693.
Traders said the moves were modest and market participants didn't want to get too bearish on the yuan.
The People's Bank of China set the midpoint rate, around which the yuan is allowed to trade in a 2 per cent band, at 7.1793 per dollar, the weakest level since 20 January.
The central bank has set its official guidance on the firmer side of market projections since mid-November, which analysts and traders see as a sign of unease over the yuan's decline.
The Independent View | The financial markets no longer believe in Trump’s ‘stable genius’
06:01
,
Andy Gregory
For all their tendency to boom and bust, financial markets are usually adept at second-guessing governments and “pricing in” a range of plausible future scenarios.
Only when such loose assumptions are badly violated do they react violently. Such is the capricious nature of Donald Trump that this is now an occupational hazard.
Not even the most imaginative of market analysts could have foreseen the extraordinary twists and turns in the president’s tariff policies – plural, that is, because they hardly stay still long enough for the world’s customs officials to draw up the new schedules.
Read The Independent’s editorial below:
Trump’s tariffs in numbers
05:44
World leaders are bracing for an escalation in the US trade war with Donald Trump set to unveil a swathe of tariffs on imported goods.
The US president is set to announce a string of fresh tariffs on so-called “Liberation Day” in an effort to increase homegrown production and reduce trade imbalances.
The changes are set to range from levies on countries buying Venezuelan oil to reciprocal tariffs on countries with “unfair taxes” on US goods.
What are the tariffs and who is impacted?
All countries worldwide which trade with the United States are at risk of facing tariffs on Mr Trump’s so-called “Liberation Day”.
The US imported around $3.3 trillion in goods from abroad last year, and latest reports from the Washington Post claim the White House has drafted tariffs “of around 20 per cent on most imports to the United States”.
Alicja Hagopian examines which countries are most at risk from new tariffs.
Once tariffs are imposed they are hard to reverse, warns expert
05:00
,
Andy Gregory
The Independent’s political editor David Maddox writes:
Another leading trade expert has warned that it will be hard to unwind Donald Trump's tariffs once they are unleashed.
Chris Southworth, secretary general of the International Chamber of Commerce United Kingdom, has also warned of dire consequences for the UK car industry which sells 17 per cent of its products to the US.
