Trump's tariffs explained

It's the day after America 'reclaimed it's destiny', or so Donald Trump says. The President announced a raft of 'reciprocal' new tariffs from the White House rose garden, including a 10% levy on the UK which – before it comes into effect on 5th April – the government hope to negotiate down.  Other countries have come off much worse. China, for example, will experience a 34 per cent ‘discounted reciprocal tariffs’, compared to the 67 per cent Trump claims China puts on US goods. The European Union will experience 20 per cent levies, compared to the 39 per cent Trump also says is put on US goods. ‘We’re a very kind people, we’re very kind,’ the President said of Americans. But ‘not so kind when you get ripped off’. The EU says they have a 'strong plan' to retaliate, how might this jeopardise Starmer's European reset? And is the UK's lower rate a rare example of a Brexit benefit?  Oscar Edmondson speaks to Katy Balls and Freddy Gray.  Produced by Oscar Edmondson. 

It’s World Tariff Day – or Liberation Day, depending on what you prefer to call it – but we won’t know for certain what levies Donald Trump will impose on the world until around 9 p.m. this evening. Sources are speculating that Trump still isn’t 100 per cent sure himself. But as the UK awaits its fate, what is the polling saying: should Starmer stand up to Trump? Also on the podcast, it’s just under a month until the local elections, and we have seen big launch events from Reform UK and the Liberal Democrats. These are the parties expecting to do well – potentially winning upwards of 400 council seats each. Labour and the Tories, meanwhile, are managing expectations. After some internal turbulence over the last month or so, could the local elections put Reform back on track? Who will be the biggest loser? Katy Balls speaks to James Heale and Luke Tryl, executive director of the polling company More in Common. Produced by Oscar Edmondson.

Britain’s real economic pain starts today. Overnight, the cost of living has jumped once again: energy, water, broadband, public transport, TV licences – all up. So too are council tax bills, capital gains, and vehicle taxes. And that’s before we even get to the slow stealth march of fiscal drag and the impact of World Tariff Day which could wipe out Rachel Reeve's newly restored headroom. Jonathan Reynolds was the unlucky minister on the broadcast round this morning trying to defend this increasingly bleak picture, is there any good news?  James Heale speaks to Katy Balls and Michael Simmons.  Produced by Oscar Edmondson. 

This week will see ‘World Tariff Day’ – as those in Westminster are not-so-excitedly calling Wednesday – when Donald Trump will announce a wave of new tariffs. Trump is expected to reveal plans for reciprocal tariffs aimed at addressing what he sees as an ongoing trade imbalance between the US and other countries. He argues that it is ‘finally time for the Good Ol’ USA to get some of that MONEY, and RESPECT, BACK. GOD BLESS AMERICA!!!’. It had looked as though the Prime Minister’s softly-softly approach to US relations was working and that we might avoid Trump’s levies... that was until the UK was included in the 25 per cent tariff on cars and auto parts imported into the US, along with steel. There is some hope, however. Donald Trump and Keir Starmer had a call last night in which they spoke about a limited free trade deal. The pair ‘discussed the productive negotiations between their respective teams on a UK–US economic prosperity deal, agreeing that these will continue at pace this week’. It is a knotty situation for the Prime Minister because if he cannot charm his way back into the US’s good books, he will face more calls to get tough on Donald and threaten retaliatory tariffs. What’s the mood in Westminster? And – more importantly – what’s the mood in Washington? James Heale speaks to Katy Balls and Kate Andrews. Produced by Oscar Edmondson. 

Isabel Hardman presents highlights from Sunday morning’s political shows. Former Archbishop of Canterbury Justin Welby gives his first interview since stepping down last year, and says he forgives John Smyth. Sentebale chair Sophie Chandauka accuses Prince Harry of ‘bullying at scale’. And Labour are questioned over immigration and the chancellor’s Spring Statement. Produced by Joe Bedell-Brill.

An MP for 35 years, Michael Heseltine served as Environment Secretary and then Defence Secretary in Margaret Thatcher’s government. Following his well-publicised resignation in 1986, he returned to government under John Major and was Deputy Prime Minister for the last two years of Major’s premiership. Once seen as a potential successor to Thatcher and Major, he has sat in the Lords since stepping down as an MP in 2001, and in recent years has been an outspoken critic of Brexit. Lord Heseltine sits down with James Heale to discuss his thoughts on the current Labour government, how to fix Britain’s broken economy and why devolution should go further. ‘Deeply depressed’ by attacks on the civil service – Britain’s ‘rolls royce’ – he provides his thoughts on various political leaders: Starmer is handling Trump well, Reeves is handling the economy badly, Badenoch is being overshadowed by foreign affairs, and Boris Johnson demonstrated he has ‘no integrity’. And on Thatcher, he says new information has vindicated him over the Westland affair and demonstrated her ‘complicity’. His new book, From Acorns to Oaks: An Urgent Agenda to Rebuild Britain, is out now. Produced by Patrick Gibbons.

Join Katy Balls, Michael Gove, Lord Glasman, Lord Frost and pollster James Kanagasooriam as they unpack the highly anticipated Spring Statement and its implications for national policy and global security. Listen for: Michael’s plan for how to deal with the Donald, and why the Treasury is not fit for purpose; Maurice on his influence in the White House, and what's wrong with the current political class; David’s reflections on why Brexit was ahead of its time; and James’s explanation for Britain’s lost sense of community.

It’s the morning after the afternoon before, and Rachel Reeves has just finished her broadcast round, where she has faced tough questions and negative splashes in the papers. The Daily Mail brands Reeves ‘deluded’, while the Daily Telegraph warns of ‘five years of record taxes’. The Guardian splashes with ‘Reeves accused of balancing books at expense of the poor’, while the Financial Times says, ‘Tax rise fears cloud Reeves’s fiscal fix’. She is navigating two main issues: first, the additional welfare reforms have caused disquiet in the Labour Party, with a potential rebellion on the horizon; second, the conversation has already turned to whether she will have to return for further tax rises in the autumn. Meanwhile, her headroom is under threat once again following this morning’s news that Donald Trump will impose a 25 per cent tariff on all imported cars. Can she keep the party – and the finances – in check? Oscar Edmondson speaks to Katy Balls and Michael Simmons. Produced by Oscar Edmondson. For tickets to The Spectator’s Spring Statement special live Coffee House Shots, click here. 

This afternoon, Rachel Reeves made good on her promise to deliver only one fiscal set piece per calendar year by announcing what is widely being considered a Budget... this precedes a spending review in the summer and an actual Budget in the autumn. The headline is that the Chancellor had to find £15 billion in spending cuts to restore her headroom and keep within her own ‘ironclad’ fiscal rules. This comes after the Office for Budget Responsibility (OBR) confirmed that the £9.9 billion margin she left herself in the autumn has disappeared. The OBR has also halved its growth projections – bleak news for the government. Among the announcements: further welfare cuts after the OBR was not satisfied with the original package; some ‘final adjustments’ to Universal Credit, with the standard allowance rising from £92 per week in 2025–26 to £106 per week by 2029–30; around 10,000 civil service jobs are for the chop; defence spending will rise, at the expense of international aid; and a new target to reduce the cost of running government by 15 per cent. But what is most striking is the extent to which the government is now beholden to the OBR. Who is running this government? Can Labour deliver on growth? Katy Balls speaks to Michael Gove and David Miles, member of the OBR's Budget Responsibility Committee. Produced by Oscar Edmondson.

Hard hats on for the Spring Statement tomorrow, where at around midday Rachel Reeves will deliver her fiscal update (read: significant fiscal set piece). Aside from not spooking the markets, the Chancellor will be hoping that she doesn’t spook those within her own party. There are rumours of discontent circling around Westminster about a potential Labour split. We have already seen secretaries of state briefing out their discontent over potential departmental cuts. Ministers have also been breaking rank this week to criticise Rachel Reeves for accepting free Sabrina Carpenter tickets. Can she keep the party united? Oscar Edmondson speaks to Katy Balls and John McTernan, former political secretary to Tony Blair. Produced by Oscar Edmondson. For tickets to The Spectator's Spring Statement special live Coffee House Shots, click here.