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People working in nurseries, retail, hospitality, small businesses and care have told Sky News of the tangible effects the increase will have on them.

All three of the US's major indexes were down by more than 5% at market close on Friday, making for the worst day in American markets since the COVID-19 pandemic.

The consequences of the president's policy will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Macquarie Capital has struck an agreement with Metcor's founders to invest in another provider of infrastructure services to British businesses, Sky News understands.

Jingye, the Chinese company that bought British Steel out of receivership in 2020, rejected a £500 million offer of public money as talks with the government broke down.

The UK arm of the international Baker Tilly network faces a battle to hit the fundraising target signalled in its intention to float announcement, Sky News understands.

All three of the US's major markets opened to sharp losses on Thursday morning, with the S&P 500 down 4.3% - putting it on track for its worst day since the COVID-19 pandemic.

Moscow has made it abundantly clear to Washington that there are lucrative deals to be done should relations between the two nations continue to thaw. It's not hard to see how new levies could derail that.

The president's made-for-TV spectacle in the White House Rose Garden has led to jeopardy for all - the US included. The question now is how the rest of the world should respond.

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.