President Donald Trump speaks as he signs executive orders in the Oval Office of the White House Wednesday, April 9, 2025, in Washington.

President Donald Trump has just announced another major change to US trading policy, which has already sent ripples around the world.

A week after unveiling tariffs – that’s taxes on international imports going into the US – on more than 60 countries, he seems to have performed a screeching U-turn.

He’s subsequently been described as a “master of chaos” and having a “Liz Truss” moment by British politicians.

As world leaders respond to Trump’s latest dramatic announcement, here’s what you need to know and how it will impact the UK.

What has just changed?

Trump announced a series of different tariffs for more than 60 countries around the world on “Liberation Day”, April 2.

He claimed these taxes were “reciprocal” and dependent on the trade deficit – when a country is importing more goods and services than it is exporting – the States has with each nation.

The tariffs initially ranged from 10% to 50%, and came on top of Trump’s separate 25% levy on cars, steel and aluminium.

But following days of sheer chaos across the international markets, he seems to have changed his mind.

Writing on his Truth Social platform, he claimed many countries tried to call the US to secure a trade deal, but have not “retaliated in any way, shape or form against the United States”.

Trump said he would therefore be easing some tariffs.

He said: “I have authorised a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”

That means during this 90-day pause, most countries will be trading on the 10% “base rate” – the same tariff the UK was hit with on April 2.

So, despite the US-UK’s so-called special relationship, the UK is now at the same level as almost all other countries.

The only exception to the rule was China.

What does this mean for China?

Trump slapped 125% tariffs on Beijing last night.

The president put 34% tariffs on China – the second biggest economy after the States and America’s main competitor – on April........

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