Image source, PA Media

Keir Starmer's news conference, which we mentioned earlier, is now under way.

He's answering questions from journalists after giving a speech on the local elections.

On tariffs, he says, "we are taking a calm approach, acting in the national interest".

This is part of ongoing talks for a deal with the US, where he says they've made "good progress".

He adds they'll work closely with the sectors most affected by the announcement.

"A trade war is in nobody's interest in my view," he says, but stresses that all options remain on the table.

Image source, PA Media

The UK government is launching a consultation with businesses on how taking retaliatory tariff measures against the US would impact them, the business and trade secretary tells the Commons.

Jonathan Reynolds says the government believes a deal with the US is "possible" and "favourable" but adds that the UK reserves the right to take any action it deems necessary if an agreement is not secured.

"To enable the UK to have every option open to us in future, I am today launching a request for input on the implications for British businesses of possible retaliatory action," he says.

He says this is a formal step necessary to keep all options on the table and the government will seek the views of stakeholders until 1 May on products that could potentially be included in any tariff response.

Reynolds adds that the government will draw up an "indicative list" of US products which the UK could tariff in response to Trump's 10% tariff on the UK announced last night.

Vicki Young
Deputy political editor

A potential global trade war might be taking up most of Prime Minister Keir Starmer's time, but there’s some campaigning to be done for upcoming local elections in England.

He’s about to hold a news conference and take questions from journalists here in Derbyshire - so expect comments on tariffs, trade and bins.

• We'll bring you breaking lines right here when he speaks shortly

Image source, PA Media

The UK is now facing a 10% tariff on all goods heading to the US, and there’s still a lot of uncertainty about what that could mean for people here.

Here’s how it could affect you and your money:

Prices could rise – or fall

Once the tariff is in place, the value of the dollar could strengthen. That might push up import costs for UK firms buying goods, which could then be passed on to UK consumers through higher prices.

But some economists say prices might actually drop at first. That’s because firms that usually sell to the US might start sending their goods to countries like the UK instead – possibly leading to a surge of cheaper goods here.

Your job could be affected

Higher prices might lead workers to ask for bigger pay rises. If UK companies see their profits squeezed, job cuts could follow. More than 25,000 jobs in the car manufacturing sector could be at risk.

Interest rates could stay high

Rates are currently at 4.5%, and economists had expected two cuts this year. But if inflation rises because of higher prices, rates might stay higher for longer.

For more detail, BBC business reporter Michael Race has the full story.

Will Ross
Africa regional editor, BBC World Service

Image source, Getty Images

Countries like Lesotho and Madagascar have been exporting hundreds of millions of dollars of tax-free goods to the US each year under an initiative known as Agoa.

It began when Bill Clinton was in the White House. Factories sprang up across Africa where thousands of workers sit at sewing machines to make clothes for the US market.

Most of the material they are stitching together comes from China. So it's possible the purpose of the new tariffs on these African countries - for example, 50% on Lesotho, and 47% on Madagascar - is to hurt China.

But thousands of African workers will be in danger of losing their income with little prospect of finding other jobs.

Image source, EPA

As we mentioned earlier, Russia isn't on the tariffs list.

Meanwhile, Ukraine is facing a 10% tariff.

Ukraine's first deputy prime minister Yulia Svyrydenko says the new US tariff will mostly hit small producers.

She also says Ukraine is "working to secure better terms".

In 2024, Ukraine exported $874m (£642m) worth of goods to the US and imported $3.4bn (£2.58bn) from the US, according to the deputy prime minister.

“Ukraine has much to offer the United States as a reliable ally and partner,” she adds. “Fair tariffs benefit both countries.”

Vitaliy Shevchenko
Russia editor, BBC Monitoring

Russian media have argued that their country is not on President Trump’s sweeping tariffs list because of the sanctions imposed earlier due to its invasion of Ukraine.

“No tariffs have been imposed on Russia, but that’s not because of some special treatment. It’s simply because Western sanctions are already in place against our country,” says state-run Rossiya 24 TV.

According to its sister channel Rossiya 1, Russia is missing from the list “to the disappointment of many in the West”.

Many Kremlin-controlled media have specifically referred to US Treasury Secretary Scott Bessent, who told Fox News, external: “Russia and Belarus we don’t trade with. They’re sanctioned.”

Image source, Getty Images

A think tank that advises the Chinese government has hit out at the way the US decides tariff levels for different countries.

“The mathematics are completely wrong. It’s very shoddy. It’s not subject to scrutiny by any standard,” the vice-president of the Beijing-based Centre for China and Globalisation tells BBC Radio 4’s Today programme.

He says using this kind of method is “very much surprising” and “doesn’t bode well”.

While he agrees that more balanced trade is a “worthwhile goal”, he argues the trade deficit with China is partly due to the US refusing to sell certain high-tech products.

• Our economics editor Faisal Islam earlier said the formula "basically just charges a country for having a goods trade surplus with the US"

Stephen McDonell
China correspondent, reporting from Beijing

Image source, Getty Images

The Trump administration’s latest tariffs on Chinese goods represent “a typical act of unilateral bullying”, says the Commerce Ministry here in Beijing.

In an official statement, it called on the US to “immediately revoke” these measures (which now effectively amount to a 54% hit on all Chinese goods entering America).

The Chinese government has also promised “resolute countermeasures” which will hurt American companies trying to sell into the huge Chinese market.

China’s Commerce Ministry has also attacked the idea that these tariffs are “reciprocal” saying they were based on “unilateral and subjective assessments”.

Nearby perceived US ally Taiwan has also been struck with 32% tariffs and the American Chamber of Commerce there called on policymakers to recognise its importance “as a driver of shared economic prosperity” and “regional stability”.

Image source, EPA

Donald Trump's long-awaited tariff announcement landed yesterday – and there's a lot to take in.

Almost every country has been affected, with big consequences.

Our BBC correspondents are breaking it down:

For Trump, this is about achieving a long-held goal, writes North America correspondent Anthony Zurcher. It’s an enormous risk. But if it works, he could end up reshaping the global economic order.

The UK government is trusting the process, says political correspondent Henry Zeffman. But the truth is, no amount of planning or calm words can hide how uncertain this moment is.

Outside Europe, China is facing a 54% tariff. But China correspondent Stephen McDonell says this could actually benefit Xi Jinping. Economic pressures might push more countries towards China – and away from Trump’s America.

And as deputy economicseditor Dharshini David points out, history shows these wars rarely end well, as consumers and exporters usually pay the price.

More analysis coming soon.

Could Northern Ireland gain from Trump's tariffs?published at 10:24 British Summer Time

10:24 BST

published at 18:24

18:24

John Campbell
NI economics and business editor

Image source, Getty Images

After Brexit, Northern Ireland was left in a unique trading position.

Goods manufactured there have barrier-free access to both the EU single market and the UK market. No other UK region or European country has that arrangement.

That was supposed to make NI an attractive location for manufacturing investment - "the world's most exciting economic zone", former Prime Minister Rishi Sunak called it.

That hasn't really happened - manufacturing performance has been muted.

But could the Trump tariffs inadvertently help fulfil some of that promise?

The 10% tariff on UK goods could give some NI exporters an advantage if they compete directly with producers in the Republic of Ireland who will face a 20% tariff.

Whiskey distilling is one example of that. However, the Irish Whiskey Association has warned that US tariffs on alcohol from the European Union have the "potential to be devastating".

But this may be a relatively small benefit compared to the negative effect the Trump tariffs could have on global trade and economic growth.

British companies that export goods to the US are likely to be hit hardest by the latest tariffs.

The UK sold nearly £60bn worth of goods to the US last year, mainly machinery, cars and pharmaceuticals.

Fishing and electronics are also major UK industries that export to the US.

The Institute for Public Policy Research says Jaguar Land Rover and the Mini factory in Cowley, Oxford, seem the most exposed to US tariffs on cars.

The pharmaceutical sector is also heavily dependent on US trade, says Clarissa Hahn from Oxford Economics.

The US accounts for 40% of AstraZeneca's sales and half of GSK's.

Our business reporter Michael Race has been looking into how President Trump's tariffs could affect the UK – and your money.

By US logic, it wants the UK to be ripped offpublished at 10:01 British Summer Time

10:01 BST

published at 18:01

18:01

Faisal Islam
Economics editor

The US trade representative has released the formula for the so-called “reciprocal tariffs”., external

That description is highly debatable, it basically just charges a country for having a goods trade surplus with the US, exporting more to the US than it imports. Then, even if there is no surplus, it whacks up the charge at the universal baseline of 10%.

This is how the US has ended up announcing tariffs on Antarctic islands only inhabited by penguins.

All this reveals two things. The aim of policy is to reduce the US trade deficit to zero. That is a remarkable rerouting of world trade flows and explains the specific punitive focus on Asia.

Secondly, it is clearly the case that bilateral negotiations have not made much of a difference, or in fact any difference. Israel for example dropped all tariffs, but the equation demanded a higher level of tariff (Israeli goods going into the US will now have a 17% tariff).

As regards the UK, the US justification is that where trade is balanced, it now wants to run a surplus or a bigger surplus. By the US logic that deficits are bad, it wants the UK to be “ripped off”.

Of course deficits and surpluses are a normal part of a functioning trade system where countries specialise in what they are the best at making. The US has now spectacularly ended that logic.

Tom Espiner
Business reporter

Image source, EPA

George Saravelos, head of FX at Deutsche Bank Research, says the new US trade tariffs are a "highly mechanical" reaction to trade deficits, rather than the "sophisticated assessment" the White House had promised.

He warns the move "risks lowering the policy credibility of the [Trump] administration".

"The market may question the extent to which a sufficiently structured planning process for major economic decisions is taking place. After all, this is the biggest trade policy shift from the US in a century," he says.

He adds the overall impact could weaken the dollar.

While much of the world is reacting to Trump's tariff plan – and criticising the disruption it could cause – it’s worth remembering the policy does have its supporters.

Speaking at the White House Rose Garden last night, retired auto worker Brian Pannebecker said Donald Trump's policies will bring production back to underused plants across the US.

After pointing out fellow auto workers at the tariff announcement, he added: "We support Donald Trump's policies on tariffs 100%."

You can watch his remarks – and all the cheers he gets – in the clip below.

Image source, EPA

It's 09:45 here in London and the world is still reacting after Trump announced a raft of new tariffs on goods entering the US. Here's an overview:

The new tariffs Trump announced

• A minimum base level of 10% will apply to most countries - including the UK - from 5 April
• Roughly 60 countries deemed the "worst offenders" for unfair trade practices by the US have each received a higher and individual tariff rate - the EU gets 20%, China 54% (which includes earlier tariffs) and Japan 24% - to come in on 9 April
• A 25% tariff on foreign-made cars was put in place

Reaction from around the world

• Starmer says a trade war in not in the UK's national interest and that the intention remains to secure a trade deal with the US. But he adds that "nothing is off the table"
• EU chief Ursula von der Leyen says the consequences will be "dire" for millions around the world, and says the EU is finalising its package of measures in response to Trump's earlier tariff announcement on metals
• China has promised "resolute countermeasures", and Canada's Prime Minister Mark Carney says it is "essential to act with purpose and with force"
• UK and European stock markets have dipped in early trading

As parts of the western world start to wake up, reaction is still coming in to Trump's new global tariffs.

French Prime Minister François Bayrou says Trump's tariffs have created a "catastrophe" for both France and the US.

Germany's finance minister Jorg Kukies tells the BBC: "No one I spoke with closed the door on negotiations after the announcement."

Norway's Prime Minister Jonas Gahr Støre says his government will negotiate with the US on tariffs "if given the opportunity to do so".

Thailand's Prime Minister Paetongtarn Shinawatra says they're ready to send officials to talk to the US. "I think we can still negotiate."

Vietnam's Prime Minister Ông Phạm Minh Chính says he's setting up a task force to deal with the US tariffs.

Spain’s economy minister says the country wants to reach a "negotiated situation with the US on tariffs".

South Africa’s presidency says the new US tariffs "affirm the urgency to negotiate a new bilateral and mutually beneficial trade agreement with Washington".

There's undoubtedly a huge amount to get your head around on this story - so if you have questions, do get in touch:

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• Email: bbcyourvoice@bbc.co.uk, external

We'll be answering your questions throughout today, right here.

And you can press watch live above to see BBC 5 Live's Nicky Campbell taking your calls now.

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In trade wars, it's usually consumers who take the hitpublished at 09:22 British Summer Time

09:22 BST

published at 17:22

17:22

Dharshini David
Deputy economics editor

President Trump's tariffs, designed on a sliding scale to reflect the size of the US's deficit with each country (rather than the tariffs those nations actually levy), aim to eradicate those deficits, boost US jobs and production, and raise tax money.

But they can't simultaneously achieve all of those.

To raise the revenue hoped for, US consumers are going to have to swallow price rises and keep on buying clothes made in, say, Bangladesh, or gadgets from South Korea in similar quantities as now.

But that doesn't bolster US manufacturing. To do that, American households need to buy more domestically produced goods, which means less money raised from tariffs than hoped for.

Given not just these tariff levels but also how global trade has expanded, we're looking at unprecedented upheaval to trade.

And history tells us such wars don't end well: the frontline casualties tend to be consumers, due to reduced choice and higher prices, and exporters. Growth, jobs and price stability are in the firing line.

BBC 5 Live's Nicky Campbell, and his guests, are taking your calls and comments now - you can watch live by pressing play at the top of the page.

We'll bring you a selection of the best comments here later.