Trump’s levies have kicked in today: including an astonishing 102 per cent tariff on China – after it missed the deadline to withdraw its retaliatory tariffs – and 20 per cent on the European Union. The combination of these explosive tariffs has sent markets sliding once again. This follows a slight recovery in the markets yesterday after suggestions by some in the Trump administration that they may be willing to negotiate the tariffs down.

In the UK, the economic uncertainty has ‘turbocharged’ plans which have been whispered around Westminster for some time, including nationalising the British steel industry. Attention has also turned towards a trade deal with the US, and the complexion that might take in a post-tariff landscape and in the context of the EU reset. There is hope in government that a deal could be done in the next month. Are the tariffs forcing the government into action? How does Starmer keep both the EU and the US on side?

Oscar Edmondson speaks to Katy Balls and Shanker Singham, CEO of Competere and a former trade adviser to the UK government.

Produced by Oscar Edmondson.