The long-trailed US decision on global tariffs that landed on Wednesday have sent shockwaves through the global economy this week. There is no doubt that we are at real risk of being caught in a global trade war, which will only hurt business and citizens, and the greatest harm will fall on the poorest globally.

Throughout the last few weeks, the government has been fully focused on negotiating an economic deal with the United States that strengthens our existing fair and balanced trading relationship. These negotiations have been constructive and pragmatic talks, and they are continuing. These talks and the work of the Prime Minister have put the UK in the best possible position to navigate an unpredictable situation and the Government has been actively preparing for all eventualities. The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate some of the impact of what has been announced today.

This Labour government will always support UK industry and we will continue our engagement with businesses as we determine our next steps. I urge any business who has concerns about what these announcement mean for them to visit GREAT.gov.uk for the latest updates.

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.