Donald Trump has announced sweeping new tariff measures that will send shockwaves around the trading world - but it could have been worse for the UK.
It had been thought the UK may be hit with a 20% tariff on all exports to the US, but the US president last night confirmed a baseline tariff level of 10% for countries including the UK, Australia and Saudi Arabia.
Meanwhile the EU has been made the subject of a 20% tariff, Japan 24% and China 54%.
Trump's announcements have not been welcomed by impacted countries around the world.
The BBC reports Ursula von der Leyen, EU chief, warned there will be "dire" consequences for millions of people, and China said there will be "resolute countermeasures".
Australian leader Anthony Albanese said the tariffs were "not the act of a friend" and South Korea's Han Duck-Soo warned "the global trade war has become a reality".
While no new tariffs for Mexico and Canada were announced, there will be a 25% tax on all foreign-made cars imported to the US.