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Usually, correspondence written by the King is not made public, but Donald Trump held up the letter in the Oval Office.

The letter, which was inviting him to the UK for a historic second state visit, was handed to him by Prime Minister Sir Keir Starmer.

Here is what we have been able to make out from the photos.

In the opening paragraph, the King references the “breadth of challenges across the world”, and says the UK and the US have “a vital role to play”.

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The King's letter to President Trump. Pic: PA
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Sky News has rotated the image of the King’s letter to President Trump so it is easier to read. Pic: PA

He goes on to say that he remembers “with great fondness” Mr Trump’s visits to the UK during his “previous presidency”.

The King mentions Mr Trump visiting the golf course the US president owns in Turnberry and then appears to suggest a visit to Balmoral or Dumfries House in Scotland at some stage – estates owned or run by the monarch.

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He writes: “There is much on both Estates which I think you might find interesting and enjoy – particularly as my Foundation at Dumfries House provides hospitality skills-training for young people who often end up as staff in your own establishments!

“Quite apart from this presenting an opportunity to discuss a wide range of issues of mutual interest, it would also offer a valuable chance to plan a historic second State Visit to the United Kingdom.

“As you will know, this is unprecedented by a US president. That is why I would find it helpful for us to be able to discuss, together, a range of options for location and programme content.

“In so doing, working together, I know we will further enhance the special relationship between our two countries, of which we are both so proud.”

After reading the letter Mr Trump said: “That’s a great, great honour. And that says at Windsor – that’s really something.”

The second page of the letter is signed off by the King
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The second page of the letter is signed off by the King

Mr Trump, the first ever convicted felon to become US president, accepted the invitation from the King – making him the only elected political leader in modern times to be invited to two state visits by a British monarch.

Sky News contacted Buckingham Palace to ask when the second state visit might take place and they said: “When diaries allow.”

Questions remain as to what form the state visit will take, who would accompany Mr Trump in his presidential party and whether this could include his close ally, billionaire businessman Elon Musk who is acting as his senior adviser on federal spending.

Mr Trump’s first UK state visit took place during his initial term as president – when he was hosted by the late Queen in 2019.

Precedent for second-term US presidents who have already made a state visit is usually tea or lunch with the monarch at Windsor Castle, as was the case for George W Bush and Barack Obama.

President Trump has earlier separately said he would be visiting the UK in the “near future”.

The Royal Family’s soft power diplomacy is viewed as a way of engaging with the controversial billionaire-turned-politician, who is well known for his love of the monarchy.

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A stay at Balmoral in the Scottish Highlands could be seen as appealing to Mr Trump’s heritage – his mother Mary Anne was born on the Isle of Lewis in the Outer Hebrides and he has two golf resorts in the country.

Buckingham Palace’s ongoing £369m refurbishment is focusing on its grandest state rooms, meaning it is unlikely to host any state visits for the next two years.

Balmoral – the turreted grey stone castle by the River Dee – is the King’s private Scottish home which has served as a summer sanctuary for generations of monarchs since it was bought for Queen Victoria by Prince Albert in 1852.

The only other US president to stay at Balmoral was Dwight D Eisenhower in the summer of 1959, but it was an informal trip rather than a state visit.

Mr Eisenhower had an affectionate relationship with the late Queen, who made a last minute decision to drive down to Balmoral’s Lodge Gate to personally greet her guest when he inspected a guard of honour.

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Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

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Financial markets were always going to respond to Trump tariffs but they're also battling with another problem

Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.

The damage it will do is obvious: costs for companies will rise, hitting their earnings.

The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

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He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

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These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.

The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.

While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.

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All three of the US’s major markets opened to sharp losses on Thursday morning.

A person works on the floor at the New York Stock Exchange in New York, Monday, March 31, 2025. Pic: AP
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The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP

By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.

Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.

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Worst one-day losses since COVID

As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.

The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.

It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.

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The latest numbers on tariffs

‘Trust in President Trump’

White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.

“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”

Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”

He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.

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How is the world reacting to Trump’s tariffs?

Economist warns of ‘spiral of doom’

The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.

He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.

Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.

He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”

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Tariffs about something more than economics: power

It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.

Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.

Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.

It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.

He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”

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Trump’s tariffs are about something more than economics: power

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Trump's tariffs are about something more than economics: power

Tanking stock markets, collapsing world orders, devastating trade wars; economists with their hair ablaze are scrambling to keep up.

But as we try to make sense of Donald Trumps’s tariff tsunami, economic theory only goes so far. In the end this surely is about something more primal.

Power.

Understanding that may be crucial to how the world responds.

Yes, economics helps explain the impact. The world’s economy has after all shifted on its axis, the way it’s been run for decades turned on its head.

Instead of driving world trade, America is creating a trade war. We will all feel the impact.

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Donald Trump says he is settling scores, righting wrongs. America has been raped, looted and pillaged by the world trading system.

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But don’t be distracted by the hyperbole – and if you think this is about economics alone, you may be missing the point.

Above all, tariffs give Donald Trump power. They strike fear into allies and enemies, from governments to corporations.

This is a president who runs his presidency like a medieval emperor or mafia don.

It is one reason why since his election we have seen what one statesman called a conga line of sycophants make their way to the White House, from world leaders to titans of industry.

The conga line will grow longer as they now redouble their efforts hoping to special treatment from Trump’s tariffs. Sir Keir Starmer among them.

President Trump’s using similar tactics at home, deploying presidential power to extract concessions and deter dissent in corporate America, academia and the US media. Those who offer favours are spared punishment.

His critics say he seeks a form power for the executive or presidential branch of government that the founding fathers deliberately sought to prevent.

Whether or not that is true, the same playbook of divide and rule through intimidation can now be applied internationally. Thanks to tariffs

Each country will seek exceptions but on Trump’s terms. Those who retaliate may meet escalation.

This is the unforgiving calculus for governments including our own plotting their next moves.

The temptation will be to give Trump whatever he wants to spare their economies, but there is a jeopardy that compounds the longer this goes on.

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Chinese Vice President Han Zheng gestures to Britain's Chancellor of the Exchequer Rachel Reeves following a photo session at the Great Hall of the People in Beijing, Saturday, Jan. 11, 2025. (Florence Lo/Pool Photo via AP)
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Could America’s traditional allies turn to China? Pic: AP

Malcolm Turnbull, the former Australian prime minister who coined the conga line comparison, put it this way: “Pretty much all the international leaders I have seen that have sucked up to Trump have been run over. The reality is if you suck up to bullies, whether it’s global affairs or in the playground, you just get more bullying.”

Trading partners may be able to mitigate the impact of these tariffs through negotiation, but that may only encourage this unorthodox president to demand ever more?

Ultimately the world will need a more reliable superpower than that.

In the hands of such a president, America cannot be counted on.

When it comes to security, stability and prosperity, allies will need to fend for themselves.

And they will need new friends. If Washington can’t be relied on, Beijing beckons.

America First will, more and more, mean America on its own.

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