Trump tariffs list: What did tariffs did US President announce on 'Liberation Day'? Full list - including levies slapped on UK

Speaking in the White House Rose Garden, he set out sweeping trade levies hitting countries across the world. A tariff is a form of tax imposed on goods or services imported from abroad. It can restrict trade by making products more expensive, and can be used as a form of protectionism – to protect and encourage domestic industry.

Mr Trump slapped a 10% tariff on US imports of UK goods. The tariff is the same level as the global “baseline” he set, meaning it could not have been any lower.

But in a move which experts fear could cost 25,000 jobs in the British car industry, he confirmed that from midnight in Washington, 5am on Thursday in the UK, a 25% tariff would be imposed on all foreign cars imported to the US. The White House said the tariffs will not add on to any existing taxes on imports of steel or cars.

Jonathan Reynolds said the UK is “committed” to doing a deal with the US which he hopes “will mitigate the impact of what has been announced today”. Mr Reynolds said: “The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today.

“We have a range of tools at our disposal and we will not hesitate to act. We will continue to engage with UK businesses including on their assessment of the impact of any further steps we take. Nobody wants a trade war and our intention remains to secure a deal. But nothing is off the table and the Government will do everything necessary to defend the UK’s national interest.”

President Trump’s tariffs will affect almost every country in the world. Countries and blocs with higher tariffs on US goods were hit with tougher import taxes – the European Union will attract a 20% rate for example.

The president imposed more punitive reciprocal tariffs on countries he said were the worst offenders. Among the other reciprocal tariff levels announced were China: 34%, South Korea: 25%, India: 26%, Vietnam: 46%, Taiwan: 32%, Japan: 24%, Thailand: 36%, Switzerland: 31%, Indonesia: 32%, Malaysia: 24% and Cambodia: 49%.