The US president is preparing to unveil a raft of new tariffs on Wednesday - which he has dubbed "Liberation Day".

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.

A 10 per cent tariff on UK imports into America began on Saturday, as president Donald Trump began enacting increased taxes on goods from other countries. The initial 10 per cent “baseline” tariff took effect at US seaports,

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 UK is in talks with the EU about how to respond to the US tariffs Donald Trump is expected to announce later today, the Chancellor has confirmed. Appearing before the Treasury Committee, Rachel Reeves said: “We are discussing with other countries and with the EU about the appropriate response to whatever announcements are made later today.”

EU chief Ursula von der Leyen warns of ‘dire’ consequences ‘for millions of people around the globe’ from Trump’s tariffs

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

President Donald Trump announced a sweeping package of new tariffs on Wednesday, intensifying trade tensions with bot