Dubbed “Liberation Day” by the US president, all nations were included in the sweeping measures – with the UK hit by a 10 per cent tariff on all exports to the United States as Mr Trump pledged America “will no longer be ripped off”.

Mr. Trump announced last week that vehicles and auto parts imported into the U.S. will be subject to a 25% tariff rate. The auto tariffs are expected to go into effect at midnight, just hours after the latest round of tariff announcements by the president Wednesday afternoon.