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April 2 will be “Liberation Day”, according to US President Donald Trump, when his tariffs placed on all of America's trading partners will come into effect. Washington's radical protectionist move creates "a real risk of recession" for the US economy, according to Douglas Holtz-Eakin, a former White House official under George W. Bush.

As the Wednesday deadline looms, the UK will “reserve the right” to respond to tariffs “in a way that does protect British industry”, Downing Street said. Nevertheless, the UK expects to feel the force of the levies this week, with negotiations expected to stretch past the deadline.

Sir Keir Starmer’s official spokesman said on Monday: “When it comes to tariffs the Prime Minister has been clear he will always act in the national interest and we’ve been actively preparing for all eventualities ahead of the expected announcements from President Trump this week, which we would expect the UK to be impacted by alongside other countries. Our trade teams are continuing to have constructive discussions to agree a UK-US economic prosperity deal.

“But we will only do a deal which reflects this Government’s mandate to deliver economic stability for the British people, and we will only act in the national interest.”

Scroll down for our live coverage.

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