Donald Trump is expected to unleash a massive escalation in his trade war, with the UK not expected to be spared punitive tariffs set to take immediate effect.
The president is announcing his programme at a White House event entitled ‘Make America Wealthy Again’ from 9pm UK time.
The ramping up of duties promises to be painful for the global economy but it could be some time before it becomes clear exactly what the UK is facing, if anything beyond the tariffs on steel and aluminium already in effect.
The uncertainty has rattled financial markets that have relied on trading arrangements that have been in place since 1947.
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It is predicted that America’s closest trading partners, Canada and Mexico, will face the harshest duties while Mr Trump has been particularly vocal recently in his threats against the European Union.
The president would be expected to confirm 25% tariffs on UK car exports but he could go further, it is speculated, with a so-called reciprocal tariff on some, or all, UK goods in an apparent retaliation for the UK’s 20% VAT charge.
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Earlier, a source close to the White House told Sky’s economics and data editor Ed Conway there will different bands of tariffs.
The bands will differ both by country and by industry.
The specific band each country or industry is placed into will depend on how the White House views each country’s barriers to entry for trade.
