In just 50 seismic minutes, Donald Trump flipped the world’s trading system on its head, branded other nations ‘foreign scavengers’ and called the EU ‘pathetic’ for ‘ripping off’ the US.

The US president had been billing his ‘liberation day’ as one of the most important days in the country’s history – and it’s certainly lived up to it.

At the ‘Make America Wealthy Again’ address on the White House’s famous Rose Garden, Trump didn’t hold back, holding up his chart of ‘reciprocal’ tariffs to show to the world.

Ahead of the announcements, Prime Minister Keir Starmer said: ‘A trade war is in nobody’s interest, and the country deserves and we will take a calm, pragmatic approach.

‘Our decisions will always be guided by our national interest, and that’s why we have prepared for all eventualities and we will rule nothing out.’

Now, the UK has been hit with a 10% tariff on exports to the United States – a bit of a relief for Britain, considering talks of 20% tariffs on UK goods were mentioned initially.

However, UK residents will still be impacted, and the price of certain goods will increase, economists said.

After the announcement, business and trade secretary Jonathan Reynolds said: ‘The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today.’

Here’s a list of products and goods which could see price increases after Trump’s announcement.

Cars and the automotive industry

The UK car industry could take a hit after tariffs were introduced.

Some UK car brands which are sold in the US include: Jaguar Land Rover, Bentley, Rolls-Royce, McLaren, and Lotus.

Cars could soon increase in price for UK buyers as well after the European car market was slammed with tariffs from the US.

Many European car brands, such as BMW and Mercedes, rely on sales in the United States – so with these new tariffs, UK prices could increase as well.

It’s feared the 25% tariffs could put 25,000 jobs in the UK at risk, while Range Rovers could be almost $30,000 more expensive in the US.

Society of Motor Manufacturers & Traders statement Chief Executive Mike Hawes said: ‘ Our cars were already set to attract a punitive 25% tariff overnight and other automotive products are now set to be impacted immediately. While we hope a deal between the UK and US can still be negotiated, this is yet another challenge to a sector already facing multiple headwinds.

‘These tariff costs cannot be absorbed by manufacturers, thus hitting US consumers who may face additional costs and a reduced choice of iconic British brands, whilst UK producers may have to review output in the face of constrained demand.

‘Trade discussions must continue at pace, therefore, and we urge all parties to continue to negotiate and deliver solutions which support jobs, consumer demand and economic growth across both sides of the Atlantic.’

Cans and kitchen foil

Aluminium prices could be impacted – ranging from kitchenware to drinks and even kitchen foil.

Trump previously said he would place tariffs on aluminium imports to the United States.

But the impact aluminium tariffs could be felt hard in the hospitality industry on both sides of the Atlantic, analysists have warned.

Trump introduced a 25% levy on all beer imports and added beer cans to existing aluminium tariffs.

Micaela Pallini, president of Italian trade association Federvini, said in a statement: ‘Many labels, which cannot be replaced by local production, will disappear from the tables of US consumers, while a serious production and employment crisis is looming in Italy and Europe,.’

Mortgages

Believe it or not, tariffs on goods can actually affect your mortgage.

Inflation caused by the turmoil in the global economy (ie, tariffs), could affect interest rates in the UK.

Currently, the Bank of England’s base rate of a mortgage is currently 4.5%. That could be subject to change, depending on how bad inflation is.

Could any prices come down?

Thomas Sampson, Associate Professor in Economics at the London School of Economics, told Metro: ‘Many countries – particularly big exporting Asian countries – are now facing high tariffs on exports to the US, so it’s likely that some of that trade will be diverted elsewhere and could reduce prices in other countries.

‘We might see some of that trade being diverted to the UK, which could bring some downward pressure on UK prices.

‘But my guess is that will be a relatively small effect – because you know the countries that are facing the highest tariff they’re mostly countries that are a long way away from the UK that we don’t trade a huge amount.’

How else could the tariffs affect your money?

The main way is interest rates.

These range from loans to credit cards and mortgages, as mentioned above. The rates could remain higher for longer, experts said.

But Mr Sampson points out: ‘The UK is such a service is lead economy because over half export is service-led. So we are less directly exposed to these tariffs than many other countries.

‘But this is why I think that the main effect is not going to come directly through the tariffs themselves, but the broad economic slowdown I’m expecting to come from them.’

What other countries are set to a 10% tariff?

Quite a few.

Brazil, Singapore, Chile, Australia, Turkey, Colombia, Peru, Costa Rica, the Dominican Republic, the United Arab Emirates, New Zealand, Argentina, Ecuador, Guatemala, Honduras, Egypt, Saudi Arabia, El Salvador, Trinidad and Tobago and Morroco have all been slapped with 10% tariffs.

Others got it worse. Now facing 54% tariffs on exports to the US, the world’s number two economy China vowed countermeasures, as did the European Union.

Both allies and foes united in criticism of measures they believe will deal a devastating blow to global trade.

‘The consequences will be dire for millions of people around the globe,’ EU chief Ursula von der Leyen said in a statement, adding the 27-member bloc was preparing to hit back if talks with Washington failed.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.