Two days ago, talk of a 90-day pause on Donald Trump’s ‘reciprocal tariffs’ was branded ‘fake news’ by the White House. But yesterday, the President confirmed a 90-day pause on the higher tariff rates on all countries apart from China. There is some confusion about whether this was The Donald's plan from the start – although the safe assumption is that it wasn't, and that someone senior in the White House sat him down and explained the market chaos he has caused. Is this 'the art of the deal’?

Regarding China, the President wrote: ‘Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125 per cent, effective immediately.’ This is an increase on Trump’s part from the 104 per cent levy, which China countered with an 84 per cent tariff on American imports. What should we expect from the US–China trade war?

Katy Balls speaks to Cindy Yu and Kate Andrews.

Produced by Cindy Yu and Oscar Edmondson.

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Trump’s levies have kicked in today: including an astonishing 102 per cent tariff on China – after it missed the deadline to withdraw its retaliatory tariffs – and 20 per cent on the European Union. The combination of these explosive tariffs has sent markets sliding once again. This follows a slight recovery in the markets yesterday after suggestions by some in the Trump administration that they may be willing to negotiate the tariffs down.

In the UK, the economic uncertainty has ‘turbocharged’ plans which have been whispered around Westminster for some time, including nationalising the British steel industry. Attention has also turned towards a trade deal with the US, and the complexion that might take in a post-tariff landscape and in the context of the EU reset. There is hope in government that a deal could be done in the next month. Are the tariffs forcing the government into action? How does Starmer keep both the EU and the US on side?

Oscar Edmondson speaks to Katy Balls and Shanker Singham, CEO of Competere and a former trade adviser to the UK government.

Produced by Oscar Edmondson.

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Parliament is about to go into recess for the Easter holiday and so – as is customary – Keir Starmer sat in front of the Liaison Committee this afternoon, where he was grilled on topics including tariffs, defence and welfare.

This comes on the day when there has been a momentary reprieve in the markets, which experienced a modest bounce – most likely as a result of suggestions from Trump that he is willing to negotiate with China. Markets seem to have priced in that these tariffs could be negotiated down, but that is of course a big 'if'. The question remains for Keir Starmer: what more can he do to protect the UK against economic meltdown? And will he have to break his fiscal rules to do so?

Oscar Edmondson speaks to Isabel Hardman and Michael Simmons.

Produced by Oscar Edmondson.

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The fallout from Trump’s tariffs continues. Last week, Donald Trump ended the free-trade era that has underpinned growth for decades (and potentially also heralded the end of globalisation). Markets around the world have taken a nosedive, prompting fears of a global recession. The only (brief) reprieve was when stock markets rallied because of a misunderstanding regarding comments made by Trump’s economic adviser. Once these had been clarified, the Nasdaq dipped once again. Republicans are starting to turn on Trump – including Elon Musk, who has been sending out some coded tweets.

The strength of the reaction from the markets has drawn comparisons between Trump and Liz Truss, whose mini-Budget spooked the markets so comprehensively that she had to backtrack after just ten days. Might Trump do the same?
 
Meanwhile, Keir Starmer has intervened in an effort to protect the UK car industry against Trump’s 25 per cent tariffs. What other levers can he pull to reduce the impact on Brits?
 
Lucy Dunn speaks to Katy Balls and Kate Andrews.
 
Produced by Oscar Edmondson.

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Marine Le Pen, president of Rassemblement National (National Rally) was found guilty this week of embezzling EU funds to boost her party’s finances. The guilty verdict was widely expected, however her sentence was far harsher than even her strongest critics expected – part of which saw her banned from standing for office for five years, with immediate effect. Le Pen had been the favourite to win the next French presidential election in 2027.
Pursuing Donald Trump through the courts was widely seen as backfiring as he went on to win the presidential election, and many have argued that there is a double standard with many more figures and parties facing investigation from the right than from the left. Is this a case of justice served, or another example of creeping lawfare across the West? Deputy political editor James Heale discusses with our deputy editor Freddy Gray and French journalist and writer Anne-Elisabeth Moutet. 
Produced by Patrick Gibbons.

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Today marks five years since Keir Starmer became leader of the Labour party. In that time, he has gradually purged Labour of its leftist wing and wrestled the party back to the centre, winning a historic majority in 2024. But, five years on, the question remains: what does Keir Starmer stand for?

He came in as the acceptable face of Corbynism but looks more and more like a Conservative with each passing domestic policy announcement (take your pick: winter fuel, waging war with the size of the state, welfare cuts etc.). Internationally, it is a different story. Despite saying little on foreign policy in the build-up to the general election, he has been widely praised for his foreign policy and his steady hand when dealing with Trump.

Lucy Dunn, James Heale and John McTernan discuss the many faces of Keir Starmer. 

Produced by Oscar Edmondson.

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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. 

Hosted on Acast. See acast.com/privacy for more information.

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.

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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. 

Hosted on Acast. See acast.com/privacy for more information.

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. 

Hosted on Acast. See acast.com/privacy for more information.