Tariffs live: Trump set to reveal details as UK and Europe brace for trade war

As well as live updates here tonight, you can follow live coverage of the tariffs announcement on our US blog here.

President Trump’s tariffs will be grouped in bands of 10 per cent, 15 per cent and 20 per cent, depending on the country and the industry, according to Sky News.

No official confirmation of the tariffs has yet been revealed.

US House of Representatives Minority Leader Hakeem Jeffries has warned Mr Trump’s tariffs will drive the US into recession.

The new tariffs will increase prices, the Democrat said.

“This is not Liberation Day,” he said. “It’s Recession Day in the United States of America.

“That’s what the Trump tariffs are going to do: Crash the economy, which has been happening since January 20 of this year,” he continued.

US stock indexes recovered from morning losses to trade modestly higher as investors awaited President Trump’s tariff announcements.

Volatility has gripped US markets in recent weeks as investors speculate about the scope of tariffs and their effect on the global economy, inflation and corporate earnings.

There’s more bad news for Sir Keir Starmer as a new poll suggests the public are less than impressed with his response to a looming trade war.

A new poll by YouGov finds just 22 per cent think the government is handling the issues around tariffs well – while 44 per cent disagree and 33 per cent say they don’t know.

The pollsters asked more than 5,000 adults on Wednesday.

The UK would not be “out of the woods” on tariffs even if it could secure an economic deal with the United States, the Chancellor has told MPs.

Rachel Reeves told the Commons Treasury Committee that the main impact on the British economy would be from global tariffs rather than UK-specific ones, thanks to depressed demand and higher inflation in other countries.

She said: “I think that’s really important to understand, because even if we are able to secure an economic deal with the United States – which we very much want to secure and are working hard to secure that – even if that’s possible, (it) doesn’t mean somehow that we are out of the woods and not impacted by tariffs.

“So we don’t just want to see an agreement between the UK and the US, we want to see free trade, fair trade continue.”