- Follow MailOnline's live blog for the latest developments after Trump's 'Liberation Day' tariffs
- PODCAST: For the news and gossip from White House insiders - Listen to Welcome to MAGAland here.
US President Donald Trump said his 'Liberation Day' announcement was a 'declaration of economic independence'.
Speaking in the White House Rose Garden, he set out sweeping trade levies hitting countries across the world.
Mr Trump slapped a 10 per cent tariff on US imports of UK goods - and experts believe a wave of price rises will hit American consumers first, with Brits later facing similar increases.
Here, MailOnline looks at what tariffs the President he announced, and what they could mean for the UK:
US president Donald Trump last night announced a 10% tariff on almost all imported British goods, amid a massive wave of tariffs on countries across the world
What is a tariff?
A tariff is a form of tax imposed on goods or services imported from abroad. It can restrict trade by making products more expensive, and can be used as a form of protectionism - to protect and encourage domestic industry.
What tariff will the UK be getting?
Mr Trump slapped a 10 per cent tariff on US imports of UK goods.
The tariff is the same level as the global 'baseline' he set, meaning it could not have been any lower.
But in a move which experts fear could cost 25,000 jobs in the British car industry, he confirmed that from midnight in Washington, 5am on Thursday in the UK, a 25 per cent tariff would be imposed on all foreign cars imported to the US.
The White House said the tariffs will not add on to any existing taxes on imports of steel or cars.
Sir Keir Starmer's Government had been lobbying to be spared the tariffs and hopes to strike an economic deal with the White House which will mitigate the impacts.
What does this mean for UK consumers?
Experts have said it will be a bumpy road ahead for Brits, despite the UK appearing to come out the least scathed in Mr Trump's announcements.
Clarissa Hahn, an economist at Oxford Economics, told the BBC that while the initial wave of price rises will hit American consumers first, UK citizens may later face similar increases thanks to a variety of factors.
The potential fluctuation of the pound, and exchange rates with other currencies, which were volatile in the wake of Mr Trump's announcements, is one of these factors.
The first of eight pages of reciprocal tariffs that the White House announced during Wednesday's event in the Rose Garden
Another would be the disruption of existing supply chains. British businesses often rely on globally connected supply chains, which may be forced to change in the wake of the mass tariffs, which could result in increased costs of production that would be passed onto British consumers.
And if Britain does decide to retaliate, price increases would likely hit British bank accounts hard.
If prices rise, Ahmet Ihsan Kaya, principal economist at the National Institute of Economic and Social Research, told the broadcaster that this may also 'prompt workers to demand higher wages.'
She added that if the UK decided to get into a trade war with the US in response to the tariffs, consumer prices would also rise.
How much does the US import from the UK?
The UK currently exports around £60billion worth of goods to the US.
Almost all of these goods will now be taxed at 10 per cent to send them to the US, making it more expensive.
Within this £60billion, British cars make up just over £6billion of the exports.
Mr Trump last night announced a 25% tariff on all imported cars, again making it more expensive, and less attractive, to buy UK-made motors.
Could it affect jobs in Britain?
The Institute for Public Policy Research think tank said that the 25 per cent car tariff puts 25,000 British jobs at risk, as one in eight cars made in the UK are sent to America.
It's not just automotive jobs that are at risk - pharmaceutical jobs may also be at risk, the think tank said.
British pharma firms AstraZeneca and GSK make around 40 per cent and 50 per cent of their sales to the US, respectively.
While they both have manufacturing plants in the US, they also rely on the import of raw ingredients from the UK and the EU, which has been hit with a 20 per cent levy.
Exchange rates and currency prices may change dramatically thanks to Trump's announcement
What about the impact on UK interest rates?
Mr Trump's tariffs are likely to affect interest rates for Britons, experts said.
Used to determine how much ordinary people have to pay to borrow money for loans on houses, cards and credit cards, high interest rates can be a blessing for those with savings and a curse for those in need of borrowing.
Currently at 4.5 per cent, economists have said they are expecting two more cuts of rated by the end of the year.
But last month, the Bank of England said it would not cut rates because of 'intensified' economic uncertainty caused by Mr Trump's upturning of the economic order .
And with the tariffs causing massive uncertainty in the financial markets within hours of their announcement, rates could stay at 4.5 pe cent or even go up.
Andrew Bailey, the Bank of England governor, earlier said it was the institution's job 'to make sure that inflation stays low and stable' and that would be ' looking very closely' at the impact of tariffs .
What about other countries?
President Trump's tariffs will affect almost every country in the world.
Countries and blocs with higher tariffs on US goods were hit with tougher import taxes - the European Union will attract a 20 per cent rate for example.
The president imposed more punitive reciprocal tariffs on countries he said were the worst offenders.
Among the other reciprocal tariff levels announced were China: 34 per cent, South Korea: 25 per cent, India: 26 per cent, Vietnam: 46 per cent, Taiwan: 32 per cent, Japan: 24 per cent, Thailand: 36 per cent, Switzerland: 31 per cent, Indonesia: 32 per cent, Malaysia: 24 per cent and Cambodia: 49 per cent.
The president's launch event was titled 'Make America Wealthy Again'
How has the Government responded?
Prime Minister Sir Keir Starmer told business chiefs in Downing Street that 'clearly there will be an economic impact' from Mr Trump's tariffs but the Government would respond with 'cool and calm heads'.
The Business Secretary meanwhile said 'nothing is off the table'.
Jonathan Reynolds said the UK is 'committed' to doing a deal with the US which he hopes 'will mitigate the impact of what has been announced today'.
Mr Reynolds said: 'The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today.
'We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take.
'Nobody wants a trade war and our intention remains to secure a deal. But nothing is off the table and the Government will do everything necessary to defend the UK's national interest.'
How has British industry reacted?
UK Steel condemned further tariffs being imposed.
Director general Gareth Stace said: 'The new 10 per cent tariffs, stacked on top of the existing 25 per cent levies, are not only sticking the knife in again, but this time turning it in the wound for maximum effect.'
The White House said the tariffs will not add on to existing taxes on imports of steel.
The Society of Motor Manufacturers and Traders described the tariffs as 'deeply disappointing and potentially damaging'.
A spokesman for the Scotch Whisky Association said it was 'disappointed'.
The Confederation of British Industry said UK businesses need a 'measured and proportionate approach' to the announcement.
Some 59 per cent of small UK exporters sell into the US market, the Federation of Small Businesses (FSB) said.
'Tariffs will cause untold damage to small businesses trying to trade their way into profit while the domestic economy remains flat,' Tina McKenzie, the FSB's policy chair, said.
