Donald Trump’s baseline tariff of 10% on products from all countries worldwide has taken effect.
The blanket tariff was announced by the US president on Wednesday evening, when his speech on so-called “Liberation Day” sent shockwaves across the global stock market as he unleashed sweeping taxes on imports.
Much higher tariffs against what Mr Trump branded as the “worst offenders”, such as a 20% rate for the EU and a 34% one for China, are set for 9 April.
A 25% tariff imposed on all foreign cars imported into the US came into effect on Thursday.
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1:15
How tariffs have impacted world’s richest men
The baseline tariff came into place as stock markets plummeted amid a trade war sparked by Mr Trump’s radical measures and China’s retaliatory tariffs of 34% on US imports from 10 April.
How markets reacted
The UK’s leading stock market, the FTSE 100, suffered its worst daily drop in more than five years, closing on Friday 4.95% down, a level not seen since March 2020.
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All three of the US’s major indexes, including The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite, were down by more than 5% at market close on Friday, making for the worst day in American markets since the COVID-19 pandemic.
Ever since the US president announced the tariffs, analysts estimate that around $4.9trn (£3.8trn) has been wiped off the value of the global stock market.
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As stock markets reeled, Mr Trump was largely out of public view at his golf course where he sent multiple defiant social media messages guaranteeing victory for the US economy.
One of his messages on Truth Social read: “Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!”
How has the UK responded?
The UK will be affected by the 10% tariff.
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2:03
How did PM address Trump’s tariffs? Sky’s Beth Rigby explains
Prime Minister Sir Keir Starmer spoke to Australian Prime Minister Anthony Albanese and Italian Premier Giorgia Meloni, Downing Street said.
Issuing a read-out of their separate conversations on Friday, Number 10 said the leaders “all agreed that an all-out trade war would be extremely damaging”.
A spokesperson said the PM “has been clear the UK’s response will be guided by the national interest” and officials will “calmly continue with our preparatory work, rather than rush to retaliate”.
Image: Mr Trump believes the tariffs will ‘supercharge’ the US economy. File pic: Reuters
The spokesperson added: “He discussed this approach with both leaders, acknowledging that while the global economic landscape has shifted this week, it has been clear for a long time that like-minded countries must maintain strong relationships and dialogue to ensure our mutual security and maintain economic stability.”
It is expected Sir Keir will take further calls with international leaders over the weekend.
Experts have predicted that UK economic growth – already expected to amount to just 1% this year – could be up to 0.5 percentage points lower than expected over coming years as a result of the tariffs.
Two people who died following a fire at a caravan site near Skegness have been named by police.
Lincolnshire Police said 48-year-old Lee Baker and his 10-year-old daughter Esme Baker, both from the Nottingham area, were killed in the blaze.
However, formal identification is still yet to take place and “could take some time”, the force said.
Emergency services were alerted to a fire at Golden Beach Holiday Park, in the village of Ingoldmells, at 3.53am on Saturday.
In a statement issued through police, a member of the Baker family said: “Lee and Esme were excited to be spending the first weekend of the holidays together.
“We are all utterly devastated at what’s happened.
“This loss is incomprehensible at the moment, and we ask for people to give us space to process this utterly heartbreaking loss.”
A GoFundMe page set up for the victims’ family described the father and daughter as “two peas in a pod” who were “both happy-go-lucky people who loved life”. It has so far raised more than £3,000.
The police force, together with Lincolnshire Fire & Rescue, are continuing to investigate the cause of the blaze.
Detective Inspector Lee Nixon said: “We believe we might be close to arriving at a working hypothesis.
“We are working hard to validate the facts available to us to be able to provide answers for the family and loved ones of those who were very tragically taken by this fire.
“Yet the evident intensity of the fire has made this task incredibly challenging.”
Dan Moss, from Lincolnshire Fire & Rescue, said: “Our thoughts and deepest condolences are with the family at this time.
“Our Fire Investigation Team is working with colleagues from Lincolnshire Police, and a full investigation into the cause of the fire is ongoing.
“Once investigations are complete, local fire crews and our community fire safety team will be on hand to talk to people in the area and address any fire safety concerns they may have, at what will be an upsetting time.”
A man has been arrested by police investigating a “significant” wildfire that triggered a major incident in Northern Ireland.
More than 100 firefighters and 15 fire appliances were deployed on Saturday to Sandbank Road, Hilltown, to tackle the blaze which is believed to have been caused deliberately, fire chiefs said.
Northern Ireland Fire and Rescue Service (NIFRS) said the fire had a front of approximately two miles “including a large area of forestry close to property”.
It was extinguished at 2.53am on Sunday and the major incident status lifted, the NIFRS said.
“The cause of this fire is believed to have been deliberate,” chief fire and rescue officer Aidan Jennings said.
The Police Service of Northern Ireland said on Sunday that a 25-year-old man had been arrested “on suspicion of arson being reckless as to whether life would be endangered, and non-related driving offences”.
“He remains in custody at this time as enquiries continue into the circumstances surrounding the fire,” the force added.
Image: The wildfire on Sandbank Road, Hilltown. Pic: Sky Watch NI
Image: More than 100 firefighters were at the scene of the fire. Pic: Sky Watch NI
On Saturday, helicopters were deployed to tackle Scotland’s fourth wildfire this week, with police saying a blaze “which started in the Newton Stewart area has spread northwards and is expected to reach the Loch Doon area of East Ayrshire around 12am on Sunday”.
Police Scotland added: “As a precautionary measure members of the public are asked to avoid the Loch Doon area and anyone who may be camping in the area is advised to leave.”
Image: Moors Valley Country Park blackened by fires this week
Elsewhere in England, Devon and Cornwall Police said they were assisting the fire service with temporary road closures on the A30 in the Bolventor area as they tackle “a number of fires” on moorland.
In Dorset, Moors Valley Country Park was forced to close after multiple wildfires broke out there on Wednesday.
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1:28
Wildfires spread across nature reserve
Separate incidents were then reported at Upton Heath in Poole on Wednesday, and nearby Canford Heath in the early hours of Thursday.
Friday was officially the warmest day of the year so far – with temperatures in the south of England reaching 23C (73.4F) – the highest since 21 September last year, according to the Met Office.
Police are investigating after a man was shot dead in County Durham.
Officers were called to an address in Elm Street, Stanley, at about 5.20pm on Saturday after reports of a “disturbance”, Durham Constabulary said.
A man in his 50s was found to have been shot and despite the efforts of paramedics he was pronounced dead at the scene.
His family have been told and are being supported by specially trained officers.
Specialist crime scene investigators are at the scene, and officers are carrying out house-to-house enquiries.
A cordon is in place and is expected to stay there for some time.
Detective Superintendent Neil Fuller said: “This is a truly shocking incident in which a man has been shot and has sadly died.”
He added: “Residents may see an increased police presence in the area. I would like to thank them for their support while we carry out this investigation.
“Our thoughts are with the man’s family at this time.”