The worst fears of Sir Keir Starmer are coming true today as China retaliated against Donald Trump by imposing its own huge tariffs on US goods. It means the world is in the midst of a global trade war which will damage economies across the globe including the UK.
At the same time, reports from America suggest the White House has no interest in a trade deal that will lift the 10% tariffs imposed on the UK. Instead, Donald Trump insisted Sir Keir was actually happy about the tariffs, on the grounds that they could have been higher.
The US Presiden's long-awaited tariffs have sparked economic turmoil at home and abroad as market panic set in following the major change to US tax policy.
The president's announcement that all countries would now be subject to between 10% and 50% when selling goods to the world's biggest economy saw an immediate backlash, with the US dollar slumping nearly 2%.
has said he will be working tirelessly to ensure the UK can carve out an economic prosperity deal for the UK.
But the worldwide chaos is set to hurt businesses in the UK and economists warn it could lead to more tax rises or spending cuts.
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