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Investors around the world see only pain ahead as the big expansion of tariffs by the US president threatens a tit-for-tat trade war that could choke the global economy.

A group representing small firms in the UK has called for emergency government aid to help weather the fallout of the US president's new levies.

The Carphone Warehouse co-founder David Ross is injecting a multimillion pound sum into the retailer, resulting in him becoming its majority shareholder, Sky News learns.

Sky's Gurpreet Narwan says the methodology used by the White House to calculate its duties against trading partners should have meant the UK escaped unscathed.

Lowell, which is owned by Permira and the Ontario Teachers Pension Plan, is working with Barclays on the sale of its operations in countries such as Denmark and Norway, Sky News learns.

World leaders have begun reacting after Donald Trump announced sweeping tariffs across the world.

Sweeping tariffs have been unleased by Donald Trump, with a flat 10% on all imports from the UK and much higher rates on China, the European Union, India, and Vietnam.

The US is "our closest ally" but "nothing is off the table" in response to Donald Trump's 10% tariffs on imports from the UK, the business secretary has said.

Alcentra and Brait, which have owned New Look since 2020, are committing new funding to help it capture a bigger chunk of the UK's womenswear market, Sky News learns.

Donald Trump has told members of his cabinet that Elon Musk will leave his government role in the coming months.