In a radical change to the world trade order, the US president has announced sweeping tariffs on US imports, with all foreign made cars slapped with an immediate 25% tariff.

UK exports, excluding cars, will face the default 10% import tariff, which will be imposed on all countries which the president said did not impose punitive tariffs and inflict trade barriers to US imports, although the US does not have a trade deficit with the UK.

The 10% tariff rate comes into effect on Saturday 5 April.

The new tariffs will affect the annual £62bn UK exports to the US, dominated by pharmaceuticals, cars and power generators, although pharmaceutical and medicinal products will be exempted.

In a detailed executive order settig out the new reciprocal tariff regime, the president stated: ‘Trading partners have repeatedly blocked multilateral and plurilateral solutions, including in the context of new rounds of tariff negotiations and efforts to discipline non-tariff barriers.