The President stood in front of the White House as he made the announcment.

Donald Trump has announced a now tariffs on nations across the world – raising fresh fears of a global recession. Standing in front of the White House, he described the move as a “declaration of economic independence” and promised to “make America wealthy again”.

The UK will be hit with 10 per cent border taxes when exporting products to the US. Trump had left leaders across the world scrambling to formulate a speedy response after teasing the new wave of tariffs over recent days, even going as far as to describe April 2 as America’s ‘Liberation Day’. Trump claimed the new charges on imports will restore US jobs after decades of manufacturing moving overseas – but economists have warned they are likely to kick-start a trade war and potentially trigger a new global recession, while forcing up prices at home and abroad, reports the Mirror.

Announcing the tariffs on a stage adorned with the US flag in the White House’s Rose Garden, the 78-year-old said: “It’s our declaration of economic independence. For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper.”

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.” “We could be so much wealthier than any other country”, he went on to say, claiming the US “has to take care of our people”.

China would be hit with 67 per cent tariffs, he said, while the European Union will be charged 20 per cent.

Trump took aim at his predecessors and some of the US’s allies in his speech, saying that “sometimes friend is worse than foe.” He said he wanted to support US car manufacturing and spoke of how other nations, including Japan and Vietnam, primarily buy automobiles purchased in their own country, adding: “That’s why effective at midnight we will impose a 25 per cent tariff on all foreign made automobiles.”

Ahead of the announcement, the White House confirmed that the new tariffs would take effect immediately. Trump’s press secretary Karoline Leavitt said: “April 2, 2025, will go down as one of the most important days in modern American history.”

Number 10 has not yet announced its response to the new tariffs. Earlier today, Keir Starmer said the Government has “prepared for all eventualities” and had begun working with companies likely to be hit by the US tariffs.

He told the Commons: “A trade war is in nobody’s interests, and the country deserves – and we will take – a calm and pragmatic approach. That’s why constructive talks are progressing to agree a wider economic prosperity deal with the US.

“That’s why we’re working will all industries and sectors likely to be impacted. Our decisions will always be guided by our national interest, and that’s why we have prepared for all eventualities and we will rule nothing out.”

Keir Starmer also said the Government is “looking carefully” at how the EU’s proposed countermeasures could impact Northern Ireland after Hilary Benn warned of a likely “issue” due to the post-Brexit Windsor Framework, which means the country remains aligned to the EU single market for goods.

Rachel Reeves meanwhile told the Commons Treasury Committee that the primary impact on the British economy would likely be from “global tariffs” rather than those specifically targeted at the UK, thanks to lower 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.

In the US, White House trade adviser Peter Navarro suggested the new tariffs would raise $600 billion (£462 million) annually, which would be the largest tax increase since World War II.

However, economists say the true number will probably be less than half of this figure, while American consumers would likely be hit by price hikes on imported products, as well as the wider effects of a slowdown in the global economy. Price rises are also likely in Europe, including Britain.