Sir Keir Starmer has said the “world as we knew it has gone” after US president Donald Trump slapped sweeping tariffs on dozens of trading partners including the UK.
Sir Keir has said that his government stands “ready to use industrial policy to help shelter British business from the storm.”
It comes after the US president put a 10 per cent tariff on all UK goods exports to America, including a 25 per cent tariff on all British carmakers.
Labour minister Darren Jones said that a trade war was in “no-one’s interests” and said that globalisation as we’ve known it has come to an end. However Reuters has reported that the EU is considering retaliatory tariffs on $28 billion worth of US imports. A list of US goods that could be slapped with tariffs will reportedly be presented to EU countries late on Monday.
Meanwhile Jaguar Land Rover said it was suspending shipments to the US while it considers how to mitigate the cost of Mr Trump’s tariffs.
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Key points
- EU to consider counter-tariffs on up to $28bn of US imports
- Sir Keir Starmer: 'Nobody wins from a trade war'
- Trade war in 'no one's interests', Labour minister says
- Musk calls for unrestricted trade between US and Europe
Trump's tariffs hit a sour note in landmark NYC emporium of sweets
13:45
,
Rebecca Whittaker
Economy Candy’s shelves brim with sweets from around the world – gummies from Germany, lollipops from Spain, chocolates from Japan and a panoply of candies from across the U.S.
Standing amid it all, columns of bright jellybeans to his left and exotic Kit Kats to his right, owner Mitchell Cohen is quick with his assessment of how many of this shop’s 2,000-plus items are affected by the historic round of tariffs announced by President Donald Trump.
“I think all of them,” Cohen says at his store on New York's Lower East Side.
Few corners of the American economy are untouched, directly or indirectly, by the sweeping tariffs being imposed by Trump. Even a little store like Economy Candy.
Pistachio Snickers bars are from India, now subject to 26 per cent tariffs, while passion fruit mousse Snickers are from Portugal, now under the 20 per cent European Union levies.
Sir Keir Starmer will deliver speech on Monday
13:31
,
Holly Bancroft
Sir Keir Starmer will declare the end of globalisation and admit it has failed the public amid the growing fallout of Donald Trump imposing global trade tariffs, including 10 per cent on the UK, writes political correspondent Archie Mitchell.
The prime minister will argue in a speech on Monday that the shock from the US president’s trade war means Britain must “move further and faster” cutting red tape to boost economic growth.
Indonesia will not retaliate against US tariffs
13:14
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Holly Bancroft
Indonesia will not retaliate against US president Donald Trump's 32 per cent trade tariff on Southeast Asia's largest economy, its senior economic minister said on Sunday in the government's first response to the levy.
Chief Economic Minister Airlangga Hartarto said in a statement that Indonesia would pursue diplomacy and negotiations to find mutually beneficial solutions after Mr Trump announced sweeping global tariffs on Wednesday.
"The approach was taken by considering the long-term interest of bilateral trade relation, as well as to maintain the investment climate and national economic stability," Mr Airlangga said, adding that Jakarta will support potentially impacted sectors, such as apparel and footwear industry.
Mr Trump's tariff on Indonesia, one of six hard-hit Southeast Asian countries, is set to take effect on Wednesday.
Further announcements from Sir Keir Starmer this week following Trump tariffs
13:01
,
Holly Bancroft
Sir Keir Starmer will be outlining more detail about support for British industry and the economy in the wake of Donald Trump's tariffs, a Treasury minister has said.
The prime minister has said the government is "ready to use industrial policy" to help shelter businesses from the fallout, as firms across the globe are grappling with how to deal with the new taxes.
Chief Secretary to the Treasury Darren Jones told Sunday With Trevor Phillips on Sky News that "we need to go further and faster in supporting British industry and the British economy", adding Sir Keir will "be saying more about that this week".
"There will be further announcements from the Prime Minister this week on support for British business, building off the engagement that we've been having with them over the last weeks and months," he added.
Taiwan will not impose reciprocal tariffs on the US
12:42
,
Holly Bancroft
Taiwan President Lai Ching-te said on Sunday that Taiwan will not impose reciprocal trade tariffs against the United States, but will remove trade barriers and Taiwanese companies will gradually increase their investments in the country.
The president made the comments at a meeting with Taiwanese executives.
Musk seems to criticise chief supporter of Trump tariffs
12:41
,
Holly Bancroft
Elon Musk has appeared to criticise the chief supporter of president Donald Trump’s tariffs Peter Navarro, the administrations trade adviser.
Senior White House aide Mr Navarro helped shape the president’s reciprocal tariff policy that tanked markets across the world.
Mr Musk responded to a video of Mr Navarro defending the tariff policy, posted to social media platform X. An X user had posted the video with a caption saying “Peter Navarro has a PhD in economics from Harvard.”
Mr Musk replied, saying: “A PhD in Econ from Harvard is a bad thing, not a good thing. Results in the ego/ brains>>1 problem”.
Another user replied, insisting that Mr Navarro was correct in his defense, but Mr Musk rejected that and questioned Mr Navarro's practical economic experience.
"He aint built s***," Mr Musk wrote.
Watch: Labour MP says Trump's 'Brexit dividend' was 'one' benefit to leaving EU
12:31
,
Holly Bancroft
French prime minister estimates Trump tariffs could cost France 'more than 0.5% of GDP'
12:16
,
Holly Bancroft
France’s prime minister François Bayrou has estimated that the tariff increases imposed by US president Donald Trump could cost France “more than 0.5 per cent of GDP”.
In an interview with Le Parisien, Mr Bayrou said that “the risk of job losses is absolutely significant, as is that of an economic slowdown and a halt to investment”.
“The destablisation he has created will weaken the global economy for a long time to come,” he added.
Britain could be at risk from Greek-style debt crisis, investors warn
12:01
,
Holly Bancroft
Experts have warned that Britain’s debt leaves it vulnerable to the economic affects of president Donald Trump’s tariffs on the global economy.
Neil Robson, head of global equities at Columbia Threadneedle, said: “If you think about the problem of being very indebted, you can be as indebted as you like as long as your nominal growth is higher than your interest rate.
“But if ever your nominal GDP growth stalls - not just on a temporary basis - below your interest costs then you’re in a real negative spiral and it can move really quickly. We saw that with Greece during the great financial crisis.”
Bruno Schneller, the managing partner at Erlen Capital Management, added: “Mr Trump’s tariff blitz risks triggering a global stagflation shock - and for the UK, that’s a recipe for a gilt crisis.
“Slower growth, higher inflation and a jittery investor base could combine to push UK borrowing costs higher at the worst possible time. This isn’t just trade war fallout, it’s the kind of external shock that can crack already fragile debt markets”.
Israeli prime minister confirms visit to White House
11:34
,
Holly Bancroft
Israel’s prime minister Benjamin Netanyahu will travel to Washington today ahead of a meeting with president Donald Trump on Monday.
Mr Netanyahu’s office confirmed the visit late on Saturday, saying: “PM Netanyahu will depart tomorrow for Washington following the invitation from US president Donald Trump. The two will discuss the tariff issue, the efforts to return our hostages, Israel-Turkey relations, the Iranian threat and the battle against the International Criminal Court”.
The statement continued: “The PM appreciates the personal and warm ties with president Trump and thanks him for the invitation to be the first leader to meet with him following the imposition of global tariffs, just as he was the first leader to meet with him following his entering the White House”.
LibDems call for parliamentary vote on any US-UK trade deal
11:25
,
Holly Bancroft
The Liberal Democrats have called for a parliamentary vote on any trade deal between the UK and the US.
Deputy leader Daisy Cooper said: "MPs must be given a say on any government deal with Donald Trump.
"It would be deeply undemocratic if Parliament were to be sidelined on such a critical issue for the country.
"Both Conservative and Labour MPs should commit now to voting down any Trump deal that sells out British farmers and their high food standards or waters down our online safety rules.
"The government must not use our high food and animal welfare standards or the online safety of our children as pawns in a negotiation to appease Donald Trump."
Trump advisor Stephen Miller suggests Europe should buy more American cars
11:25
,
Holly Bancroft
A key Trump advisor Stephen Miller has hinted that Americans should be buying US cars over European and Japanese models, as tariff’s hit foreign car industries.
Deputy chief of staff for policy and homeland security Mr Miller posted on X on Sunday morning: “Why are American streets filled with cars from Europe and Japan but their streets are empty of American cars? Even as we provide defense and security for both?”
The US has imposed a 25 per cent tariff on the UK car industry, with Jaguar Land Rover deciding to pause shipments to America in April while they assess the impact.
Nissan Motor is also reportedly considering moving some domestic production of US-bound vehicles to the US, away from Japan.
The Nikkei reported on Saturday that Nissan plans to reduce production at its Fukuoka factory in western Japan and shift some manufacturing to the US to mitigate the impact of Trump’s tariffs.
Indonesia will not retaliate against US tariffs
11:01
,
Holly Bancroft
Indonesia will not retaliate against US president Donald Trump's trade tariff on Southeast Asia's largest economy, its senior economic minister said on Sunday in the government's first response to the levy.
Chief Economic Minister Airlangga Hartarto said in a statement that Indonesia would pursue diplomacy and negotiations to find mutually beneficial solutions.
Be prepared for things to get worse in the global economy, minister warns
10:41
,
Holly Bancroft
People should be prepared for things to be tougher in the global economy, a Treasury minister has suggested.
Chief Secretary to the Treasury Darren Jones was asked on the BBC's Sunday With Laura Kuenssberg programme whether the public should be "prepared for things to be even tougher than they already are".
Mr Jones said: "In the global economy, yes, but on the UK economy we're trying to get ahead of these challenges.
"That's why the plan for change is important, because it means that we can support businesses through industrial policy, we can support people through investment in the National Health Service, for example.
"It is right that we get ahead of that, so that the country is in a more, stronger and resilient place."
Watch: Minister declares UK will never allow chlorinated chicken in US trade deal
10:30
,
Holly Bancroft
US could go into recession, JP Morgan warns
10:21
,
Holly Bancroft
Investment bank JP Morgan has warned that tariffs could tip the American economy into recession.
The bank downgraded US growth by 1.6 percentage points for this year, and predicted far higher unemployment.
Michael Feroli, JP Morgan’s chief US economist, said: “We now expect real GDP to contract under the weight of the tariffs. For the full year, we now look for real growth of -0.3pc, down from 1.3pc previously.”
JP Morgan raised its odds for a US and global recession to 60 per cent, up from 40 per cent previously.
Badenoch: US tariffs are destructive for businesses
10:17
,
Holly Bancroft
Kemi Badenoch has said there is "a place for tariffs" but that the ones imposed by the US will be "destructive for businesses".
Th Conservative leader told the BBC's Sunday With Laura Kuenssberg programme: "The retaliatory tariffs (in the US) will make people in our country poorer.
"There is a place for tariffs, we did use them, but right now what they will do is make life more expensive for British consumers."
Ms Badenoch spoke about the previous Conservative government negotiating a trade deal with Donald Trump's government in 2020.
"I would like the government to pick up where we left off," Ms Badenoch said.
"We had six rounds of negotiations where there were some decisions that were concluded, and they can pick that up and take it.
"But the most important thing is removing tariffs. The tariffs are going to be destructive for our businesses."
Musk calls for unrestricted trade between US and Europe
10:08
,
Holly Bancroft
Elon Musk has broken with the Trump administration to advocate for unrestricted trade between the US and Europe.
In comments made during a video appearance with Italy’s right-wing League party on Saturday, Mr Musk said: “Ideally, both Europe and the United States should move to a zero-tariff situation, effectively creating a free trade zone between Europe and North America.”
He added: “If people wish to work in Europe or wish to work in North America, they should be allowed to do so in my view”.
EU mulls counter-tariffs on up to $28bn of US imports
09:57
,
Holly Bancroft
European Union countries are set to consider retaliatory tariffs on up to $28 billion of U.S. imports from dental floss to diamonds on Monday, according to reporting from Reuters.
Such a move would mean the EU joining China and Canada in imposing retaliatory tariffs on the United States in an early escalation of what some fear will become a global trade war, making goods more expensive for billions of consumers and pushing economies around the world into recession.
The 27-nation bloc faces 25 per cent import tariffs on steel and aluminium and cars and "reciprocal" tariffs of 20 per cent from Wednesday for almost all other goods.
President Donald Trump's tariffs cover some 70 per cent of the EU's exports to the United States - worth in total 532 billion euros ($585 billion) last year - with likely duties on copper, pharmaceuticals, semiconductors and timber still to come.
The European Commission, which coordinates EU trade policy, will propose to members late on Monday a list of U.S. products to hit with extra duties in response to Trump's steel and aluminium tariffs rather than the broader reciprocal levies, Reuters has reported.
It is reportedly set to include US meat, cereals, wine, wood and clothing as well as chewing gum, dental floss, vacuum cleaners and toilet paper.
One product that has received more attention and exposed discord in the bloc is bourbon. The Commission has earmarked a 50 per cent tariff, prompting Trump to threaten a 200 per cent counter-tariff on EU alcoholic drinks if the bloc goes ahead.
Wine exporters France and Italy have both expressed concern. The EU, whose economy is heavily reliant on free trade, is keen to make sure it has wide backing for any response so as to keep the pressure up on Trump ultimately to enter negotiations.
Conservative leader: 'We disagree fundamentally with Trump on tariffs'
09:54
,
Holly Bancroft
Conservative leader Kemi Badenoch has said about the US: “We disagree fundamentally with what they are doing on tariffs”.
Speaking to the BBC on Sunday morning, Ms Badenoch said that tariffs will “make life more expensive for British consumers and we don’t want that.”
She said that, when the Conservatives were negotiating a trade agreement with the US, food standards were not on the table.
She has called for Labour to “pick up where we left off” on the deal, rather than start from scratch. Ms Badenoch told the BBC that the UK had had six rounds of negotiations with the US.
“The tariffs are going to be destructive” and will impact the government’s “tax take” as businesses struggle, Ms Badenoch added.
New school shoes and clothes for American children will cost more because of tariffs, industry warns
09:46
,
Holly Bancroft
Sending children back to school in new sneakers, jeans and T-shirts is likely to cost American families significantly more this autumn if the bespoke tariffs president Donald Trump put on leading exporters take effect as planned, American industry groups have warned.
About 97 per cent of the clothes and shoes purchased in the US are imported, predominantly from Asia, the American Apparel & Footwear Association said, citing its most recent data.
Walmart, Gap Inc., Lululemon and Nike are a few of the companies that have a majority of their clothing made in Asian countries.
Those same garment-making hubs took a big hit under the president's plan to punish individual countries for trade imbalances.
For all Chinese goods, that meant tariffs of at least 54 per cent. He set the import tax rates for Vietnam and neighbouring Cambodia at 46 per cent and 49 per cent, and products from Bangladesh and Indonesia at 37 per cent and 32 per cent.
Watch: PM clearly unhappy about Trump tariffs, Darren Jones says
09:31
,
Holly Bancroft
The prime minister has been "clear that he's unhappy" about the new US tariffs, a Labour minister has said.
Watch Darren Jone’s comments here:
Sir Keir Starmer 'clear that he's unhappy' about tariffs, minister says
09:23
,
Holly Bancroft
The prime minister has been "clear that he's unhappy" about the new US tariffs, a Labour minister has said.
Chief secretary to the Treasury Darren Jones told Sky News's Sunday Morning With Trevor Phillips programme that the UK is "not happy" about the levies.
Asked about comments from Donald Trump last week in which he suggested Sir Keir Starmer was "very happy" with the UK's tariff treatment, Mr Jones said: "Keir has been clear that he's unhappy about the tariffs."
He also said the Prime Minister is "broadly unhappy about tariffs in what was a well-functioning global trading system."
Mr Jones added: "I suspect what's being referred to there is the fact that the United Kingdom had the lowest tariff, and puts us in a much stronger position than other complex, large economies, which we think was a vindication of our engagement with the United States in the run up to the president's announcements.
"But clearly, we don't like tariffs; we're not happy about that."
Mr Jones also said "there will be further announcements from the Prime Minister this week on support for British business" in the wake of the tariffs.
Labour minister claims UK treated differently on tariffs because of Brexit
09:15
,
Holly Bancroft
Darren Jones said the UK had been "treated differently to the European Union" as a result of Brexit.
Asked if the lower 10 per cent tariff imposed by the US was a "Brexit dividend", the chief secretary to the Treasury told Sky News: "It is, there's one. I've struggled to find one in the past but there is one we've ended up with.
"It's good, but what we're not going to do is pick or trade off the United States or the European Union.
"I've already talked about relationship with the United States, we know that's important and works well, but so is our relationship with the European Union - on trade, on energy, but increasingly on security, and I think it's the right strategic decision for the UK, especially in this world that's chopping and changing around, that we have those strong bridges into the European Union and into the United States, and that's what we're working to deliver."
Globalisation has come to an end, Labour minister says
09:14
,
Holly Bancroft
Labour minister Darren Jones has said that globalisation as we’ve known it has come to an end following the introduction of president Donald Trump’s tariffs.
Speaking to the BBC on Sunday morning, Mr Jones said: “The world is changing. Originally on security and defence...but now in terms of global trade.
“Globalisation as we’ve known it for the last couple of decades has come to an end.”
He added that we need to invest in the UK domestic economy.
Mr Jones added that retaliatory tariffs wouldn’t be good for anyone and he didn’t want the tariff tit-for-tat to escalate.
More pain for UK businesses as employer NIC rise comes into effect
09:12
,
Holly Bancroft
Prices could increase and staff working hours fall as the rise in employer national insurance contributions (NICs) comes into force on Sunday, ministers have been warned.
The rate of employer NICs will go up by 1.2 percentage points from 13.8 per cet to 15 per cent, and the payments will start when an employee earns £5,000, down from the previous level of £9,100.
The tax increase comes as businesses are also dealing with an 6.7 per cent rise in the minimum wage which came into force last week.
The Conservatives have labelled the change a "jobs tax" while the boss of a hospitality industry group has said the move will have a negative impact on job creation.
Kate Nicholls, chief executive of UKHospitality, said: "The increases to employer national insurance contributions are going to hit businesses and workers right across the UK.
"The impacts will be stark, with hours for staff reduced, trading hours shortened, prices increased and, in the worst case scenario, jobs lost.
"These damaging rises not only hit cherished hospitality venues and communities but the government's ambition to get people back into work. It needs sectors like hospitality to create the jobs to get people out of the welfare system but these tax rises will have the opposite effect on job creation."
Trade war in 'no one's interests', Labour minister says
08:58
,
Holly Bancroft
A trade war with the US "is in no one's interests" following the announcement of global tariffs, a Labour minister has said.
Darren Jones, the chief secretary to the Treasury, told Sky News's Sunday Morning With Trevor Phillips programme: "Even when there's a lot going on in the world, and we've seen the world changing rapidly in recent months, the UK is a stable country with a clear policy and a strong government.
"We will always act in the interests of the British people and the British economy, and we'll do so in a calm-headed and considered way.
"We've been very clear a trade war is in no one's interests.
"Evidently, things are happening in the world that we can't control, but we're going to do everything we can to make sure that the UK is in as strong and resilient a place as it can be."
US and Vietnamese businesses call for rethink on tariffs
08:51
,
Holly Bancroft
US and Vietnamese businesses have asked the Trump administration to delay its planned 46 per cent tariff on Vietnamese goods, saying the levy will hurt them and bilateral commercial relations.
The Vietnam Chamber of Commerce and Industry and the American Chamber of Commerce in Hanoi expressed concern to Commerce Secretary Howard Lutnick in a letter dated Saturday, saying the tariff, to take effect on Wednesday, was "shockingly high".
"Lower tariffs for products coming into Vietnam, and for products reaching the American consumer is what will help US companies, the economy, and consumers," AmCham and VCCI said in a statement. "Higher tariffs will not."
The Southeast Asian country, a major regional manufacturing base for many Western companies, posted a trade surplus of over $123 billion with the US, its largest export destination, last year.
President Donald Trump and Vietnamese leader To Lam agreed on Friday to discuss a deal to remove tariffs, both said after a phone call that Trump called "very productive".
Rethink Brexit after Trump tariffs, Labour urged
08:42
,
Holly Bancroft
Labour’s biggest financial backers are among the loudest voices pressing Sir Keir Starmer to have a much more ambitious approach to his Brexit reset in the wake of Donald Trump unleashing an international trade war by imposing sweeping tariffs, writes political editor David Maddox.
Trade unions, who were previously divided over Brexit and still provide more than half of Labour’s campaign funding, are now at the forefront of a new push for much closer ties with the EU.
Armed with a survey by pollster Peter McLeod – who has carried out research for Labour and the unions – the Trades Union Congress (TUC) has joined with business groups and others to urge Sir Keir to rethink his Brexit red lines.
While the prime minister has insisted he will resist what he calls “a false choice” between the EU and US, the TUC’s public demands are being reflected in private by many in Labour as well.
Read more here:
Sir Keir Starmer: 'Nobody wins from a trade war'
08:35
,
Holly Bancroft
Prime minister Sir Keir Starmer has vowed to make the UK economy less exposed to global shocks.
Sir Keir has said that his immediate priority is “to keep calm and fight for the best deal”. He added: “Nobody wins from a trade war. The economic consequences, here and across the globe, could be profound.
“We already have a balanced trading relationship with our American allies and work continues on a new economic prosperity deal. Nonetheless, all options remain on the table”.
Sir Keir promised to make the case for “free and open trade” and also take action at home to “turbocharge plans that will improve our domestic competitiveness, so we’re less exposed to these kinds of global shocks”.
Sir Keir Starmer: We stand ready to shelter British business from tariff storm
08:26
,
Holly Bancroft
If you are just joining our coverage of Trump’s tariffs in the UK, here’s a recap of what the prime minister has said overnight.
Writing in the Sunday Telegraph, Sir Keir Starmer has vowed to “use industrial policy to help shelter British business from the storm” of president Donald Trump’s tariffs.
Mr Trump has imposed a “baseline” 10 per cent tariff on the UK, as well as a 25 per cent tariff on cars and car parts.
This has already caused disruption in the UK car industry, with Jaguar Land Rover announcing yesterday that they would pause shipments to the US in April as they assess the impact of tariffs.
Musk lashes out at architect of Trump’s tariffs in first public comments about shock policy
07:25
,
Arpan Rai
Tesla CEO and head of the Department of Government Efficiency, Elon Musk, has taken public swipes at Donald Trump’s adviser on trade and manufacturing, Peter Navarro, who helped shape the president's reciprocal tariff policy that tanked markets across the world.
Mr Musk is typically vocal in his support and defense of the president, but has been quiet since Mr Trump's "Liberation Day" tariff announcement that killed $2.5 trillion from the US stock market — a loss of value that cost the Tesla CEO more than $30bn, according to CNBC.
A user on X posted a video from CNN in which Mr Navarro defends the tariffs, noting positively that he went to Harvard. Mr Musk took issue with that, calling it a "bad thing."
Netanyahu leaves for Washington to talk tariffs with Trump
06:39
,
Arpan Rai
Israeli prime minister Benjamin Netanyahu will visit Washington and discuss US tariffs imposed by Donald Trump among other issues, the Israeli leader's office said on Saturday.
Netanyahu's office said in a statement the prime minister, who is visiting Hungary, would depart for Washington on Sunday.
Four Israeli officials and a White House official said previously that Netanyahu was due to meet with Mr Trump tomorrow.
The impromptu in-person visit could be the first effort by a foreign leader to negotiate a deal with Mr Trump to remove tariffs.
The truth about Trump’s tariffs and the ‘Brexit dividend’
06:35
,
Arpan Rai
Within minutes of Donald Trump’s announcement on so-called “reciprocal tariffs” around the world, Brexiteers were claiming victory because the UK escaped with half the rate imposed on the EU.
But if the UK’s 10 per cent import tariffs to the American market compared to the EU’s 20 per cent, is the best economic justification for Brexit that can be made, then supporters of leaving the EU are clutching at straws.
The first and most obvious point is that Brexit has not spared the UK from having tariffs imposed on it by the one world leader who was the biggest cheerleader outside Britain for the UK leaving the EU.
Starmer ready to 'shelter' businesses from tariff storm
06:24
,
Arpan Rai
Prime minister Keir Starmer said he was ready to step in to help "shelter" the country's businesses from the fallout from Donald Trump's new tariff policies, mooting state intervention for the worst-affected industries.
"We stand ready to use industrial policy to help shelter British business from the storm," Sir Keir wrote in the Telegraph newspaper.
"Some people may feel uncomfortable about this – the idea the state should intervene directly to shape the market has often been derided.
"But we simply cannot cling on to old sentiments when the world is turning this fast.
While Sir Keir said the government's priority remains to try and secure a trade deal with the US which could include tariff exemptions, he said he will do "everything necessary" to protect the national interest.
Britain was spared the most punitive treatment in Mr Trump's tariff announcement on Wednesday when it was hit with the lowest import duty rate of 10 per cent , but a global trade war will hurt its open economy.
Why did Russia escape Trump’s tariffs?
06:14
,
Arpan Rai
Almost no countries were spared from president Donald Trump’s sweeping tariffs; even small, uninhabited islands in the Indian Ocean were included in the exhaustive list. But one country was notably missing: Russia.
One of the United States’ largest adversaries was omitted from the list of countries slapped with even the 10 percent baseline tariff – a move that raised some eyebrows given Trump’s previously friendly relationship with Russian president Vladimir Putin.
Trump tariffs: What will immediate impact on UK be?
05:00
,
Alexander Butler
Trump tariffs list in full: Every country hit and the surprising exemptions
04:00
,
Alexander Butler
Donald Trump has imposed the steepest American tariffs on imports in over a century, levying rates as high as 50 per cent on some countries in a move described by the EU as a “major blow” to the world economy.
The US president shocked global market on Wednesday as he announced minimum tariffs of at least 10 per cent on almost all exporters to the US, with much higher duties for countries that enjoy the largest trade surpluses.
Southeast Asian nations and some of the world’s weakest economies were hardest hit, compounding the effects of the Trump administration’s cuts to the USAID programme in many of those countries.
Read the full story here:
