The world is nervously awaiting President Donald Trump’s imminent announcement of how he plans to impose sweeping new tariffs on other countries that are likely to escalate a trade war, increase prices and upend a decades-old trade order.
Mr Trump, who proclaimed today “Liberation day”, has kept the world guessing on the details of the tariff plans, which were still being formulated before a White House Rose Garden announcement ceremony scheduled for 9pm UK time (4pm US time).
A source familiar with the administration’s thinking said the tariffs were expected to be significant and would hit a wide range of countries, including close allies.
The new duties, which would undo trade arrangements in place since 1947, are due to take effect immediately after Mr Trump announces them. A separate 25 per cent global tariff on car imports will take effect tomorrow, Thursday.
US stock markets maintained gains on Wednesday afternoon in a rebound from morning declines.
UK prime minister Sir Keir Starmer said the UK was “preparing for all eventualities” and “ruling nothing out”.
Let’s put tariffs on Teslas, says Davey
Lib Dem leader Ed Davey called for the UK to impose tariffs on Tesla cars, made by Elon Musk’s company.
“Let’s put tariffs on Teslas and the tech bros,” he told Channel 4 News, calling for an economic coalition with European and Commonwealth partners to defend free trade.
Editorial: Stand up to Trump, prime minister
In case you missed it at the weekend:
Opinion: My British tech firm could be a big ‘Liberation Day’ loser
Car imports to US face 25% duties within hours
The US government has said it will impose 25 per cent tariffs on automobile imports tomorrow, Thursday, and a similar duty on auto parts a month later.
Watch: The effect of tariffs on the UK
Trump ‘Liberation Day’ live
As well as live updates here tonight, you can follow live coverage of the tariffs announcement on our US blog here.
Everything you need to know about Trump tariffs
Analysis: How Trump tariffs might hit UK business
Watch: UK entering difficult period, minister warns
UK entering difficult period as country awaits Trump Liberation Day, minister warns
Opinion: There can be no winners in Trump trade war
Source: independent.co.uk
