Trump unveils 10% reciprocal tariff on imports from UK and 20% on EU in global trade shake-up - Donald Trump has announced a reciprocal tariff of 10% on Britain

European Commission President Ursula von der Leyen has blasted Donald Trump's 'Liberation Day' announcement, which could wipe out the Chancellor Rachel Reeves's economic wriggle room

The business secretary says he wants to reach an economic deal but would take "necessary steps' if talks failed.

Donald Trump’s ‘Liberation Day’ tariffs wipe $2.4trn from S&P 500, in its biggest one-day loss since March 2020

Diageo rose 2% despite its exposure to the US as investors breathed a sigh of relief that the UK was hit with a milder tariff rate of just 10%. “Diageo was another riser as investors were relieved that tariffs on goods from the UK weren’t as punishing as previously feared,” said Dan Coatsworth, investment analyst at AJ Bell.

The US president announces a 10% tariff on all imports, with further measures targeting countries the White House calls the "worst offenders".

The UK is less susceptible to US tariffs, and not just because it was hit with a lower rate than its EU neighbours. But the impact of a weaker US and European economy could be much more significant. That'll make life harder for the Treasury in the Autumn budget and will help cement quarterly rate cuts from the Bank of England this year

US President Donald Trump is all set to announce reciprocal tariffs on 2 April, which will immediately come into effect. Trump has labelled April 2 as America's Liberation Day, with the new Trump tariffs coming into effect.

Wall Street suffers its worst day since 2020 but the White House tells investors to "trust in President Trump".

U.S. President Donald Trump's s weeping new tariffs shocked governments and investors, provoking dismay, threats of retaliation and calls for negotiations to rescind the stiff new import taxes imposed on goods from countries around the world.