Trump triggers financial 'Armageddon' warning as he blitzes world with tariffs: Live updates

President Donald Trump's list of tariffs did not include three major countries, prompting speculation about why he chose to leave them off the list.

Treasury Secretary Scott Bessent revealed the details after the annoucement.

By Geoff Earle, Deputy U.S. Political Editor

House Foreign Affairs Chairman Rep. Gregory Meeks said in the aftermath of Trump’s tariffs that he would introduced a privileged resolution seeking to undo them.

‘Trump just hit Americans with the largest regressive tax hike in modern history—massive tariffs on all imports. His reckless policies are not only crashing markets, they will disproportionately hurt working families,’ Meeks (D-N.Y.) posted on X.

‘I'll soon introduce a privileged resolution to force a vote on ending the made up national emergency Trump is using to justify these taxes. Republicans can’t keep ducking this—it's time they show whether they support the economic pain Trump is inflicting on their constituents.’

The move will put pressure on Republicans, who would be certain to infuriate Trump if they bucked the party line on such a crucial issue. The White House cited the U.S. trade deficit as the national emergency to justify the tariffs under the International Emergency Economic Powers Act of 1977.

Meeks’ move came as the Senate was set to hold its own vote blocking the ‘national emergency’ designation used to impose tariffs on Canada. That one sites the Fentanyl crisis as the justification.

Jon Michael Raasch, Political Reporter for DailyMail.com

The top Democrat on the House Foreign Affairs Committee is working to unwind Trump's tariff rollout.

Jon Michael Raasch, Political Reporter for DailyMail.com

The top Democratic senator on the Senate Financial Committee, Ron Wyden, hammered Trump's tariff plan Wednesday.

The Oregon Democrat said the tariffs are a 'tax on almost everything families buy.'

'American families need relief from rising prices and stagnant growth, but instead, Donald Trump—with buy-in from Congressional Republicans—is administering economic poison to our economy,' he said.

Jon Michael Raasch, Political Reporter for DailyMail.com

Democratic Sen. Amy Klobuchar ripped President Donald Trump's tariff policies unveiled today at the White House.

During a speech on the Senate floor, Klobuchar noted how markets are already plummeting.

'Well, the stock market's closed, but the futures are tanking.'

Jon Michael Raasch, Political Reporter for DailyMail.com

Democrats are slamming President Donald Trump after he announced a sweeping batch of new tariffs that they believe could upend the U.S. economy.

'My fellow Americans, this is liberation day,' Trump said at the Rose Garden event Wednesday afternoon. It was the first outdoor event he has held in the patch of grass outside of the Oval Office this year.

'April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again,' he continued.

Trump then went on to say that all countries trying to bring goods into the U.S. will pay at least 10 percent on imports. Individual tariff rates will also be implemented on specific countries, he said.

Cambodia will be forced to pay a 49 percent tariff while Sri Lanka will be mandated to pay a 44 percent tariff, according to a sign printed out by the White House.

By Geoff Earle, Deputy U.S. Political Editor

Some of the countries topping the list of countries the White House calls ‘worst offenders’ by selling more to the U.S. than they buy are strategic allies that Republican and Democratic administrations have cultivated to counter China’s influence.

Among them is Vietnam, a country that Trump visited twice during his first term, as the administration sought to pressure North Korea and send a message to push back against China’s moves toward territorial expansion.

‘We want strong partners, not weak neighbors,’ Trump said in 2017. He said Vietnam ‘has truly become one of the great miracles of the world, and it’s very impressive.’

Vietnam will get a 46% ‘reciprocal tariff’ under the new policy Trump announced. Japan, a key economic ally who has backed U.S. politics in Asia, Europe and the Middle East, gets a 24 percent tariff. The numbers are meant to counter how the administrations foreign tariffs and ‘non-tariff barriers’ on U.S. products.

Taiwan, which must guard against a possible Chinese invasion, gets a 32 percent tariff, while South Korea, a key regional aly and chip and auto powerhouse gets 25%. Cambodia, which runs a large trade imbalance with U.S. and which earned a visit from President Joe Biden during his term, gets the largest hit, at 49%.

‘The reason why Cambodia sells us anything at all is because China has turned Cambodia into the most important trans-shipment hub that Communist China uses to evade our tariffs, and so that's got to stop,’ a senior administration official told reporters before Trump’s remarks. Trump blasted the Trans Pacific Partnership, an agreement he ripped up during his first term, during his White House remarks Wednesday.

China itself gets a 34 percent tariff.

Jon Michael Raasch, Political Reporter for DailyMail.com

Republicans are unsure of DOGE leader Elon Musk's fate as a White House staffer after a bombshell report indicated that the world's richest man may soon step down from his post.

President Donald Trump informed his Cabinet and senior staff that the billionaire would be stepping back from his high-visibility role atop the government reform group.

Soon the Tesla CEO will return to the business world, Politico first reported.

Despite Press Secretary Karoline Leavitt calling the report 'garbage' and noting that the plan was always for Elon to 'depart from public service' after his 'incredible work at DOGE is complete,' GOP lawmakers were seemingly confused by the news.

‘Yeah, I don't know that he's going to leave totally,' House Republican Conference Chairwoman Lisa McClain, R-Mich., told DailyMail.com.

Senate Minority Whip Dick Durbin slammed President Trump’s announced tariffs, warning the move will raise prices for Americans and hurt the economy.

‘The President is risking a recession with this national sales tax he calls tariffs—while needlessly alienating our closest allies,’ the Illinois Democrat said in a statement.

‘When American families see what this does to the price of goods, such as cars, groceries, and gas, it is going to create a negative economic force across this country and cost a lot of American jobs,’ he continued.

The U.S. stock market took a massive plunge as President Trump announced his tariffs.

The Dow futures dropped more than 250 points. The S&P 500 was down nearly 100 points. The Nasdaq futures were down more than 400 points.

Nikki Schwab, Chief Campaign Correspondent at the White House

White House aides handed out paper copies of President Donald Trump's reciprocal tariff rates to reporters stationed at the back of the president's Rose Garden speech.

The eight-page handout listed the tariffs to be charged to every country in the world.

Trump dramatically labeled the tariff announcement 'Liberation Day' and held his first Rose Garden event in his second term to mark the occasion.

He invited a number of American workers - complete with hard hats - to be on hand for the event.

The United States Marine Band played for the crowd before the president came onstage.

The hardest-hit country is Lesotho, which was slapped with a whopping 50% tariff.

Meanwhile, the UK got off relatively easy at 10% and the European Union at 20%. China got hit with a 34% tariff.

• China - 34%
• European Union - 20%
• Vietnam - 46%
• Taiwan - 32%
• Japan - 24%
• India - 26%
• South Korea - 25%
• Thailand - 36%
• Switzerland - 31%
• United Kingdom - 10%
• Indonesia - 32%
• Cambodia - 49%
• Israel - 17%
• Lesthoso - 50%

Read the full list of all reciprocal tariffs below:

President Donald Trump made good on his campaign promise to implement sweeping new tariffs during a Wednesday afternoon event in the White House Rose Garden.

'In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world,' Trump teased.

Trump was surrounded by Vice President J.D. Vance, House Speaker Mike Johnson, Cabinet members and workers in hard hits to usher in his so-called 'Make America Wealthy Again' policies.

'My fellow American, this is liberation day, we've been waiting for a long time,' Trump said.

The Senate Budget Committee today unveiled its blueprint to move forward with passing President Trump’s agenda in one big bill.

Committee Chair Lindsey Graham said an amendment added reconciliation instructions for Senate committees, made adjustments to allow Trump’s tax cuts to be made permanent and more.

It includes accounting gimmick known as current policy baseline that makes it appear that the extension of tax cuts cost nothing.

‘As Budget Chairman, under section 312 of the Congressional Budget Act, I have the authority to determine baseline numbers for spending and revenue. Under that authority, I have determined that current policy will be the budget baseline regarding taxation,’ Graham said.

At the same time, the Senate resolution includes a $5 trillion hike to the debt ceiling which would get Republicans through the midterms.

GOP members of the Senate Budget Committee met with Trump at the White House on Wednesday. Afterward, Graham said the president was fully behind the plan.

The text of the plan comes as Senate Majority Leader John Thune wants to adopt the budget resolution this week.

The Senate Budget Committee today unveiled its blueprint to move forward with passing President Trump’s agenda in one big bill.

Committee Chair Lindsey Graham said an amendment added reconciliation instructions for Senate committees, made adjustments to allow Trump’s tax cuts to be made permanent and more.

It includes accounting gimmick known as current policy baseline that makes it appear that the extension of tax cuts cost nothing.

‘As Budget Chairman, under section 312 of the Congressional Budget Act, I have the authority to determine baseline numbers for spending and revenue. Under that authority, I have determined that current policy will be the budget baseline regarding taxation,’ Graham said.

At the same time, the Senate resolution includes a $5 trillion hike to the debt ceiling which would get Republicans through the midterms.

GOP members of the Senate Budget Committee met with Trump at the White House on Wednesday. Afterward, Graham said the president was fully behind the plan.

The text of the plan comes as Senate Majority Leader John Thune wants to adopt the budget resolution this week.

Israel and Canada are the two countries that seem willing to walk back all tariffs on the U.S.

Ontario Premier Doug Ford said earlier Wednesday that he is looking at ways to work with Trump so his country isn't hit hard.

And Israel's Netanyahu said on Tuesday that he plans to lift all duties on U.S. imports.

Jon Michael Raasch, Political Reporter for DailyMail.com

Robert F. Kennedy Jr. had been conspicuously quiet amid a major U.S. disease scare, leading to frustrations within the White House.

RFK Jr. is a noted vaccine skeptic, and the agency he oversees failed to mention anything about a Texas child dying from a measles outbreak until days after the tragedy on February 26.

The school-age child who passed lived in the state's panhandle and was not vaccinated.

As the story swirled and fears over a new outbreak were stoked, the Trump administration fumed over HHS's failure to address the tragedy.

'The White House was like, 'Where the f**k is the statement?' a White House official told Axios.

By Nikki Schwab, Chief Campaign Correspondent at the White House

President Donald Trump is considering announcing the creation of the 'External Revenue Service' as he ushers in a new wave of tariffs from the White House Rose Garden Wednesday afternoon.

CBS News first reported the news that the External Revenue Service's creation could be part of the Rose Garden annoucement.

Trump previously said the ERS would 'collect tariffs, duties, and all revenue that come from foreign sources.'

Additionally the network reported that Trump could announce new import taxes on low-value merchandise coming from China charged to individual U.S. consumers.

Currently websites like Shein and Temu are popular with U.S. consumers because no tariffs are paid when under $800 in goods are purchased.

The White House has been tight-lipped on what Trump will announce at his first big Rose Garden event.

White House press secretary Karoline Leavitt wouldn't confirm reporting Tuesday from The Washington Post that said a 20 percent tariff would be put on most U.S. imports.

President Donald Trump has told his Cabinet and inner circle that Elon Musk is stepping back from his government role.

The Tesla and Space X founder will soon be returning to the business world, Politico reported, in a move that rattled the stock market and caused shock waves in Washington.

Musk's designation as a special government employee meant he was scheduled to step down in May but he's now leaving early in a cloud of controversy.

Amazon has reportedly made a last-minute play to buy all of TikTok, the wildly popular video app thats facing a US ban.

TikTok, which is bearing down on an April deadline to cut ties with its Chinese parent company or go dark in the US, is receiving multiple offers for sale, according to the New York Times.

Amazon's bid came as a last-ditch effort.

By Nikki Schwab, Chief Campaign Correspondent at the White House

Israel's government pledged to drop duties on all U.S. products ahead of President Donald Trump's 'Liberation Day' announcement.

The move was an attempt to sway the U.S. to exclude Israel from the new wave of tariffs Trump will announce from the Rose Garden at 4 p.m.

A report Tuesday from The Washington Post said that Trump may impose tariffs of about 20 percent on most U.S. imports.

Trump has also floated 'reciprocal' tariffs, with countries who currently have steep import taxes on American products.

This would allow him to pick and choose which countries are impacted.

Israel and the U.S. have had a free trade agreement since 1985.

Israeli Prime Minister Benjamin Netanyahu, a top Trump ally, posted on X that any outstanding duties on American products would be nixed.

'Canceling the customs duties on American goods is an additional step in the policy that my governments have led for a decade in opening up the market to competition,' Netanyahu wrote Tuesday.

Senate Democrats appear to have enough support to pass a resolution to undo President Trump’s tariffs on Canada.

The vote is expected later today, but it would be a strong rebuke of the president’s plans for tariffs as he is set to make his announcement later on what he’s calling ‘Liberation Day.’

The legislation would end Trump’s emergency declaration which he announced to impose tariffs while accusing Canada of not doing enough to stop fentanyl from coming across the border.

Senator Tim Kaine (D-Va.), who introduced the resolution, indicated that he had the support of GOP Senators Rand Paul, Susan Collins, Lisa Murkowski and Mitch McConnell.

With four Republicans voting with every Democrat, it would be enough to pass the bill.

Senate Majority Leader John Thune had been pushing for the resolution to be defeated.

If the US President slaps a 25 per cent tax on all goods imported into the US, experts fear transatlantic trade would sink.

In this worst-case scenario UK exports would plunge by almost half and imports from the US slump by two-thirds, knocking economic growth for six.

Against this dire backdrop, we look at some of the British companies who are exposed to Trump’s tariff tsunami.

Read more here:

Donald Trump has kept the world guessing just hours away from an expected major announcement on sweeping new tariffs that threaten to provoke a global trade war.

The final details of the so-called 'Liberation Day' declaration are still being formulated ahead of a ceremony in the White House at 4pm Eastern Time (9pm UK time).

Economists have warned that tariffs could slow the global economy, raise the risk of recession, and increase living costs for the average U.S. family by thousands of dollars.

Businesses have complained that Trump's barrage of threats has made it difficult to plan their operations.

'I can't recall a situation where the stakes were this high and yet the outcome was so unpredictable,' said Steve Sosnick, chief strategist at Interactive Brokers. 'The devil is going to be in the details and nobody knows the details.'

Across sectors, from cars to ocean freight shipping, luxury goods and beyond, business leaders are waiting to see how they would be hit.

'You cannot make important decisions on your supply chain when the rules of the game keep changing,' said Peter Sand, chief analyst at freight pricing platform Xeneta.

A fourth-generation importer of Italian wine and spirits won't be popping the Prosecco on 'Liberation Day' when Donald Trump's tariffs around the world are set to go into effect.

Dina Opici said her family import and distribution business is set to get hit with a $1 million tariff on three containers worth of goods. The goods themselves are valued at only about $500,000.

'If there’s a 200 percent tariff on that, we would have to pay $1 million to be able to get those goods from the port,' she told DailyMail.com as the shipments make their way to the U.S.

Read more here:

Detroit is named as one of the American cities most vulnerable to a Canada trade war

The U.S. cities most vulnerable to a trade war with Canada turn out to largely be in the states that helped return Donald Trump to the White House - a sign of the possible political risk he's taking with his tariff plans.

New analysis released last week by the Canadian Chamber of Commerce detailed the areas most dependent on exports to Canada, with San Antonio and Detroit topping the list of 41 U.S. metro areas.

The findings show that the United States' 25% tariffs on Canada and Canada's retaliations could inflict meaningful damage in key states for U.S. politics.

The analysis was conducted before the Republican president announced March 26 that he was placing additional 25% tariffs on imported autos and parts starting on April 3.

Canadian leaders have warned that the United States would suffer in the form of higher prices, fewer jobs and slower growth because of the trade war.

But an analysis by the Brookings Institution found that the economic pain would be more severe in Mexico and Canada because those countries are more reliant on the United States in terms of trade.

Trump's stated reason for the tariffs is to stop illegal immigration and drug smuggling, though he's also said that he dislikes the trade deficit with both countries and has taunted Canada by suggesting that it could become the 51st U.S. state.

Donald Trump with Michael Martin at a St Patrick's Day event in Washington

Ireland's Prime Minister Michael Martin has described Donald Trump's tariff announcements as the 'most serious issue' facing the Irish economy.

Irish politicians and companies are braced for the impact of the tariffs, which are set to have a significant impact on the economy.

Mr Trump is expected to target EU countries, including Ireland, with tariffs of about 20% on imports into the US.

Tariffs on all Irish exports will lead to higher costs, particularly in the pharma sector.

Mr Martin told the Irish parliament that neither Ireland nor the EU started the threat of tariffs.

This is, without question, the most serious issue to face the Irish economy in a long time, and it's clear that the scale of these tariffs will be very, very significant in European terms.

I think the old order is changing, and it's regrettable we are in a Europe of increased protectionism. That is not good for Ireland. It's not good for open economies.

He said he has huge concerns for the agri-food sector, as well as beverages, spirits, and the pharma industry.

Goods exports to the United States worth more than £60billion to the UK economy are firmly in the sights of Donald Trump's Liberation Day' tariff frenzy.

The US president is expected to include Britain in his protectionist attempt to protect UK manufacturers and 'make America wealthy again' tonight.

The tariffs - up to 20 per cent across the board - could knock up to 1 per cent off the size of the UK economy if there is a full-blown trade war with the UK retaliating to Trump's measures.

The sectors most at risk are the UK car industry and other manufacturing efforts, including medicines and pharmaceuticals, chemicals, power generators and scientific instruments.

These five fields between them accounted for almost half of the value of UK goods exports to the United States, according to the Office for National Statistics (ONS).

Other key industries include food and drink, with Americans buying large amounts of commodities including Scottish whisky and smokes salmon.

The imposition of tariffs will make British goods more expensive in the US, which is likely to reduce demand.

Downing Street has insisted there is no deadline to seal a deal with the US that it hopes will reverse Donald Trump’s looming tariffs.

Asked about when the government hopes to reach an economic deal, the Prime Minister’s official spokesman said: 'We’re not putting a time frame on that.'

He said that business and industry groups have asked the government to 'prioritise dialogue' with the US and not take a 'kneejerk' reaction.

Asked about the risk of cheap goods flooding into the UK market amid a trade war and how to protect domestic industries, he pointed to the 'robust trade remedies regime' that already has measures in place for the steel sector.

The Government will look closely at the impact on Northern Ireland of any retaliatory tariffs imposed by the EU, the spokesman said.

Germany has issued a warning to the U.S hours before Donald Trump is set to announce his Liberation Day tariffs.

The German government has said trade wars hurt 'both sides' as Europe's biggest economy braces for sweeping new taxes.

'The costs of a trade war do not fall on one side but can become expensive for both sides,' government spokesman Steffen Hebestreit said.

He added that Berlin 'ready and willing to negotiate at the European level with the United States' to avoid such a dispute.

Donald Trump has posted on social media as the world waits to see whether he will unveil sweeping reciprocal tariffs.

The U.S President wrote on Truth Social: 'IT’S LIBERATION DAY IN AMERICA!'

Trump is expected to speak at the White House tonight where he will outline an expected 20 per cent levy on all U.S imports.

The move has sparked fears of a global trade war with other countries indicating they will immediately launch retaliatory tariffs.

India plans to lower import tariffs on electric cars as New Delhi prioritises closing a trade deal with the United States, government and industry sources told Reuters.

Indian automakers are lobbying Prime Minister Narendra Modi's government to delay any cut in EV tariffs until 2029, and then phase in a reduction to 30% from as high as roughly 100%, sources have said.

However, New Delhi is serious about lowering EV tariffs - which have riled U.S. President Donald Trump and his ally Tesla CEO Elon Musk - and the sector is set to be part of the first tranche of tariff reductions in a planned bilateral trade deal, according to two government officials.

'We have protected the auto industry for far too long. We will have to open it up,' one official said, adding the plan was to lower tariffs 'significantly', including on EVs.

The officials declined to disclose the size of the planned duty cut given ongoing negotiations with Washington.

Daniel Ives, global head of technology research at Wedbush Securities says the tariffs will cause 'pure chaos' to the global auto industry, raising the prices of a typical car to a U.S consumer by $5k to $10k.

He also warned that drivers in America are extremely likely to incur increased repair bills for their U.S-produced cars that require parts imported from overseas.

'We stress that the concept of a U.S car maker with parts all from the U.S is a fictional tale that does not exist and would take years to make this concept a reality,' he said.

'Over the last week, we have spoken to many in the auto industry from around the US, Europe, and Asia and the conclusion is this tariff announcement (in its current form) would send the auto industry into upside down mode and raise the average price of cars between $5k on the low end and $10k to $15k on the high end.

'Ferrari already said after April 1 it will raise prices on certain models in response to the new tariff.

'Every auto maker in the world will have to raise prices in some form selling into the U.S and the supply chain logistics of this tariff announcement heard around the world is hard to even put our arms around at this moment.'

Researchers at the University of Birmingham have warned that the West Midlands - home to Jaguar Land Rover and Aston Martin - will be hit hardest by Trump’s 25 per cent tariffs on US imports.

It said it: 'The impact of a decision made an ocean away specifically on the West Midlands cannot be understated. Rather than a shock, the West Midlands automotive sector could face a sudden and catastrophic earthquake.’

Dr Matt Lyons and Dr Huanjia Ma, research fellows at its City-Region Economic Development Institute, estimate the cost of the US tariffs to the UK will be £9.8billion in GDP between 2025 and 2030, and put 137,000 jobs at risk.

'According to our analysis, the West Midlands, an important hub for automotive manufacturers and their supply chain, is expected to take the sizeable brunt of this, losing £6.2billion in GDP, 62 per cent of the total impact on the UK,' they said.

'The West Midlands is home to Jaguar Land Rover, Aston Martin, Changan Automotive and a large cluster of suppliers. In a 2023 study, 22 of the 50 largest automotive firms in the region were already found to be at risk of insolvency due to poor liquidity ratios.’

It said that the West Midlands is projected to suffer a £6.2billion decline in GDP (62 per cent of the total impact) and £4.6billion loss in gross value added (GVA).

The North West is anticipated to lose £2.1billion in GDP and £1.8billion in GVA (21 per cent of the total).

'Together, these two regions will see 85 per cent of the economic impact,’ they concluded.

by James Tapsfield

Keir Starmer appealed for 'calm' today as the world braces for Donald Trump to unveil his 'Liberation Day' tariffs.

Sir Keir said the government is being 'pragmatic' and 'preparing for all eventualities' with our 'feet on the ground' as he took the regular session of PMQs.

He acknowledged the failure to carve out an exemption from the US president's trade war despite weeks of intense negotiations - but said he was still hoping a deal can be done.

'The country deserves, and we will take, a calm constructive approach… that’s why we’re working with all industries and sectors likely to be impacted,' he told MPs.

The exact shape of the levies has yet to become clear, although the White House has fuelled global panic on markets by branding them 'historic'. Mr Trump is thought to be leaving towards 'big bang' 20 per cent charge on all imports.

Read more here:

Liberal Democrat leader Sir Ed Davey has challenged the Prime Minister over the UK's relationship with the U.S amid the prospect of Donald Trump's tariffs.

Sir Keir Was asked if he will provide leadership of an economic 'coalition of the willing' against the sweeping taxes - much like he has done to help Ukraine.

The Prime Minister said any choice between the UK's relationship between Europe and the U.S was a 'false' one.

At Prime Minister’s Questions, Sir Ed told the Commons:

The Prime Minister has shown commendable leadership over Ukraine with his plan for a military coalition of the willing against (Vladimir) Putin.

Will he now provide similar leadership with an economic coalition of the willing against (Donald) Trump’s tariffs, for free trade, so we can avoid a global trade war and a global recession?

Prime Minister Sir Keir replied:

I think every week he tries to tempt me to make what I think is a false choice between our relationship with the US and our relationship with other countries, particularly Europe. I think that’s the wrong choice on defence, on security and intelligence, for reasons that we’ve rehearsed across this chamber.

Sir Keir has told MPs the UK must remain 'cool headed' as he insisted 'constructive' talks with the U.S. are ongoing in regards to a wider economic deal.

Pressed by Conservative leader Kemi Badenoch on how he will help the British car industry, Sir Keir reiterated he was taking a 'calm and pragmatic' approach.

He added he was not ruling out any responses, raising the prospect of retaliatory tariffs, adding he would be guided by the UK's national interest.

Sir Keir Starmer has said the UK has been 'preparing for all eventualities' in the event of US tariffs, as he promised a 'calm, pragmatic approach'.

At Prime Minister’s Questions, Sir Keir 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, and 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 will 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.

by Mike Sheen

London-listed stocks traded lower on Wednesday as investors anxiously awaited details of sweeping US tariffs on global imports due later in the day.

Global markets went into freefall earlier in the week as investors fretted the implications of Donald Trump's 'liberation day', with the President promising to lay the foundation for a new 'golden age' of US industry.

While full details are due at 4pm Washington time (9pm GMT), the White House is reportedly still weighing plans that could see the imposition of blanket 20 per cent levies across the board or some countries offered preferential treatment.

Oliver Blackbourn, portfolio manager at Janus Henderson Investors, said: 'What is certain is that the introduction of new tariffs is likely to have negative consequences for economic growth, consumers, and markets.

'Perhaps the most important question is whether this announcement will tip the scales towards a global recession.'

Read more here:

Donald Trump holds an executive order about tariffs increase, flanked by Howard Lutnick

President Donald Trump will take all the credit if his 'Liberation Day' tariffs bring manufacturing stateside and give the U.S. economy a boost.

But if the economic pain is stronger than the gain, some members of Trumpworld have already started planting the seeds when it comes to a fall guy.

In mid-March, Politico published a story pointing fingers at Commerce Secretary Howard Lutnick.

'He's trying to be a mini-Trump. I don't think he got the memo that only Trump gets to be Trump,' a source close to the administration said of Lutnick. 'It just reinforces that he doesn't really know how to do the job.'

The source also said that Lutnick is 'constantly auditioning for Trump's approval.'

Sources also told the news outlet that Lutnick's recent television appearances showed that he lacked a basic understanding of how the economy worked and how tariffs would impact it.

Lutnick, the former head of Cantor Fitzgerald, also gave a rosier economic picture than he was supposed to.

He said in March on Meet the Press that Americans should 'absolutely not' brace for a recession.

Keir Starmer and Rachel Reeves have failed to carve out an exemption from the US president's looming trade war despite weeks of intense negotiations.

The Prime Minister has been frantically fighting for a wider trade deal with the US to protect businesses, but has given up hope of securing one before the levies are introduced.

The PM even invited Mr Trump to visit the UK in June to sign an agreement, but was snubbed by the US President.

The government is now putting its focus on sealing a pact in the coming weeks, with insiders insisting the terms are close to being finalised.

The situation could dominate the PMQs session in the Commons at noon, as well as two scheduled appearances by Ms Reeves.

Economists have been warning that could slash up to 1 per cent off UK plc's growth, potentially smashing the Chancellor's Spring Statement plans and forcing her to hike taxes again.

U.S. President Donald Trump's planned tariffs will be negative across the world, European Central Bank head Christine Lagarde said today.

Ms Lagarde said the damage caused by sweeping new import taxes will depend on how far they go, how long they last and whether they lead to successful negotiations.

Speaking on Ireland's Newstalk radio, she said.

It will be negative the world over and the density and the durability of the impact will vary depending on the scope, on the products targeted, on how long it lasts, on whether or not there are negotiations

Because let's not forget quite often those escalation of tariffs, because they prove harmful, even for those who inflict it, lead to negotiation tables where people actually sit down and discuss and eventually remove some of those barriers.

Officials in President Donald Trump's administration, including Treasury Secretary Scott Bessent, have said that much of the focus of the reciprocal U.S. tariffs will be on 15 countries that have the highest trade surpluses with the United States.

Bessent (pictured) has referred to the countries as the 'Dirty 15' but has not named them.

In an interview with Fox News last month, Bessent said:

What’s going to happen on April 2: Each country will receive a number that we believe that represents their tariffs. For some countries it could be quite low. For some countries it could be quite high. There’s what we would call kind of the ‘Dirty 15,’ and they have substantial tariffs.

Although the nations have not been named specifically, it is expected that Taiwan is one of the 15, along with countries such as China and South Korea plus the European Union.

The Office of the U.S. Trade Representative has previously listed 21 countries in which it is 'particularly interested' as part of a review of unfair trade practises.

The countries named were Argentina, Australia, Brazil, Canada, China, the European Union, India, Indonesia, Japan, Korea, Malaysia, Mexico, Russia, Saudi Arabia, South Africa, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom and Vietnam.

Italy's main business lobby Confindustria today cut its economic growth forecast for the country, warning that looming U.S. trade tariffs risk further worsening the outlook.

Donald Trump is expected to unveil a comprehensive tariff plan later, sparking worldwide fears among businesses, consumers and investors about an intensifying trade war.

Confindustria said it expected Italy's gross domestic product (GDP) to expand by 0.6% this year, just half the government's official 1.2% forecast and down from the 0.9% the association had estimated in October.

It predicted that GDP growth would pick up to 1% in 2026.

The euro zone's third largest economy expanded by a modest 0.7% in both 2024 and 2023.

It eked out growth of 0.1% in the fourth quarter of last year from the previous three months, after stagnating in the third quarter.

Most analysts expect no significant pick-up in the near term.

Manufacturing across the world slumped last month as firms brace for the impact of Donald Trump’s latest trade wars.

British manufacturers endured their worst month for well over a year in March, as rising costs and the threat of US tariffs hammered new order volumes and industry optimism.

Higher labour costs related to the Autumn Budget, and the potential direct and indirect impact of an emerging trade war are yet another blow to manufacturers.

They have suffered a protracted period of disappointing output amid broad economic weakness and global uncertainty.

The closely watched S&P Global UK Purchasing Managers' Index (PMI) for manufacturing, a measure of activity in British factories, last month fell to to its lowest since October 2023, when Britain was in recession.

The index – where any measure below 50 marks contraction - dropped to 44.9 in March from 46.9 in February.

While it was fractionally higher than a preliminary reading of 44.6, the latest survey confirmed a picture of collapsing new export orders, which contracted at the fastest rate since August 2023.

Donald Trump's 25 per cent tariffs on US car imports from Wednesday could put 25,000 UK jobs in the automotive manufacturing sector at risk, a think tank has warned.

The Institute for Public Policy Research (IPPR) said the US President's levies on UK-made cars entering the United States - which could make Range Rovers almost $30,000 pricier when sold in the country - would put 'extreme pressure' on Britain's car makers and 'threaten jobs and economic growth'.

With exports to America predicted to fall with Trump's 'reciprocal' tariffs on 'friends and foes', the IPPR says employees at Jaguar Land Rover and the Cowley Mini factory will be among the most exposed.

Eight in ten motors produced in Britain are exported. And three quarters of the 603,565 cars built for overseas markets in 2024 were made for just three regions - one of these being the US.

While the EU accounted for 54 per cent of exports and China 6.6 per cent, some 16.9 per cent were destined for US ports.

It means some 102,000 cars - estimated to be worth £9billion - that came off British assembly lines ended up in the US last year. That accounts for one in eight (13 per cent) of all passenger cars made here in 2024.

by Alex Brummer

The thought of Business Secretary Jonathan Reynolds making a deal with the billionaire hyenas in Donald Trump’s trade and economic team will not fill anyone with confidence.

The Labour apparatchik tried to explain, on Radio 4, why the country should be grateful for an increase in the minimum wage.

His narrative was risible when council taxes, energy bills, water rates, the TV licence, mobile subscriptions and the cost of first and second-class stamps are surging.

The best cheer Reynolds could offer was three reductions in the bank rate since July 2024.

Read the full comment piece here:

Major economies including the European Union and Canada have vowed retaliation against Trump's tariffs while others such as the UK are insisting the response will not be 'knee-jerk'.

Let's take a look at how other countries have so far reacted and what could come next:

• China has already introduced a 10-15% tax on some US agricultural goods as Beijing retaliated to an additional 20 percent tariffs on all goods. China has also targeted US aviation, defence and tech firms
• The European Union, which Trump has accused of trying to "screw" the United States, saidit still hoped to negotiate a solution - but that "all instruments are on the table" to retaliate if necessary with EU tariffs targeting US goods worth €26bn (£22bn) will start on 13 April. The levy will cover items ranging "from boats to bourbon to motorbikes", as well as steel and aluminium products
• Canada has imposed a 25% tariff on US steel, aluminium and other goods worth about C$60bn ($42bn; £32bn) in response to US imposing 25% tariffs last month. 'We are going to be very deliberate in terms of the measures we take, to fight for Canada,' Prime Minister Mark Carney said yesterday
• Mexico has delayed introducing its own retaliatory tariffs while negotiations continue and yesterday lowered its 2025 growth forecast from between two and three percent to a range of 1.5 to 2.3 percent, citing tensions with its largest trading partner.
• UK Prime Minister Keir Starmer has insisted he has held 'productive negotiations' towards a UK-US trade deal but admitted the UK would likely be hit by tariffs. He has been urged by some in Parliament to follow Canada and the EU by launching retaliatory tariffs.

Speaking at the White House yesterday, Donald Trump's press secretary Karoline Leavitt said Liberation Day 'will go down as one of the most important days in modern American history.'

It has been reported Trump will likely announce an across-the-board 20 percent tariff on most of the nation's imports.

Trump memorably described tariff as his favourite word when he ran to reclaim the White House last year as it forms a key component of his administration's aim to encourage US consumers to buy more American-made goods, thereby boosting the country's economy - in other words 'America First'.

Imposing tariffs is seen as necessary by Team Trump to stop what he has described as Americans getting ripped off as he looks to reduce the gap between the value of goods the US imports and those it exports to other countries

In 2024, the US had a goods trade deficit of $213bn (£165bn) with the European Union, something Trump has branded an 'atrocity'.

Trump has also used tariffs as a tool to crack down on migrants and drugs entering the US with penalties already imposed on Mexico and Canada.

Bridget Phillipson has today insisted the UK is in a 'strong position' to strike an economic deal with the U.S but is 'entering a challenging period'.

She 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.

We believe we are in a strong position to strike that kind of deal.

The Education Secretary said she would not 'speculate on eventualities' when asked what Britain’s 'plan ' is if negotiations fail to produce a wider economic deal.

President Donald Trump did not want his major tariff announcement to be a laughing matter.

'I was going to do it April 1st but I said, "I don't like that date,"' Trump said at an event with the nation's governors in February. 'I don't want to take the abuse.'

Still, he flirted with the idea: 'Should I just do April 1st?' It's going to cost a lot of money to wait one day,' he joked.

But then he decided to turn April 2nd into a Trump-branded holiday: 'Liberation Day' he dubbed it.

Liberation Day is now set to become the president's first big event in the White House's Rose Garden of his second term. It will take place at 4 pm (9pm UK time) - to prevent a split screen moment of the announcement coinciding with markets tumbling.

Read more here:

Sir Keir Starmer and Rachel Reeves will both face questions from MPs today as Donald Trump prepares to announce major new tariffs that could derail their economic plans.

The US president is expected to unveil sweeping tariffs at an event at the White House around 9pm UK time, in a move he has dubbed Liberation Day.

Ministers are still hopeful of securing a deal with the US that would provide some protection from the import taxes, but Sir Keir acknowledged that 'the likelihood is there will be tariffs' on UK exports.

Yesterday, senior government ministers said the UK must 'prepare for the worst' ahead of Trump's announcement.

Today, Sir Keir will face MPs at Prime Minister’s Questions while the Commons Treasury Committee will grill the Chancellor on last week’s spring statement, but is sure to face questions about what the tariffs will mean for her plans.

Economists at the Office for Budget Responsibility have warned that US tariffs could eliminate Ms Reeves’s 'headroom' against her debt target, requiring more spending cuts or tax rises to meet the rules she has set herself, as well as knock up to 1% off the size of the economy.

Meanwhile, analysis from the Institute for Public Policy Research (IPPR) suggested tariffs on car imports would put 25,000 UK jobs at risk and 'completely destabilise the UK car manufacturing industry'.

Hello and welcome to MailOnline's live coverage with Donald Trump expected to announce sweeping tariffs that could plunge the UK and other world economies into panic.

Sir Keir Starmer and Rachel Reeves are both expected to be grilled on how the country will respond to the U.S President amid fears the Government's economic strategy could later lie in tatters.

It comes as Trump prepares to announce sweeping taxes on goods from around the world, which threaten to 'knock out' the Chancellor's latest financial plans only a week after she announced them.

Markets around the globe have plunged in anticipation of Mr Trump's so-called Liberation Day, and yesterday Britain's economy suffered a string of downgrades.

Stick with us for the latest developments, analysis and reaction throughout the day.