"This is Trump on steroids:" Andrew Marr's expert panel analyse the impact of the new global tariffs

Andrew Marr is joined by Politico's Sascha O'Sullivan and The Telegraph's Dominic Penna to discuss the ramifications of Donald Trump's global trade war.

Keir Starmer has warned against "jumping straight into a trade war" in response to Donald Trump's trade tariffs but insisted "nothing is off the table" to protect Britain's national interest.

Putting the White House on notice, Downing Street launched a four-week “request for input” from businesses on hitting the US with retaliatory tariffs.

Business Secretary Jonathan Reynolds told MPs: "To enable the UK to have every option open to us in future, I am today launching a request for input on the implications for British businesses of possible retaliatory action. This is a formal step necessary for us to keep all options on the table.

"We will seek the views of UK stakeholders over four weeks until 1 May 2025 on products that could potentially be included in any UK tariff response. This exercise will also give businesses the chance to have their say and influence the design of any possible UK action."

Earlier the PM insisted the Government will respond with "cool and calm heads" after the President slapped a 10% tariff on all UK imports into the US.

The FTSE 100 stock dropped more than 1.4% at the open this morning after Trump's tariff announcement. Asian and European markets also fell sharply on the back of the announcement.

Sir Keir Starmer told business chiefs in Downing Street: "Last night the President of the United States acted for his country, and that is his mandate.

"Today, I will act in Britain's interests with mine."

Sir Keir said as the Government moved "to the next stage of our plan", the "decisions we take in coming days and weeks will be guided only by our national interest, in the interests of our economy, in the interests of businesses around this table, in the interests of putting money in the pockets of working people".

"Nothing else will guide me, that is my focus," he said.

"Clearly, there will be an economic impact from the decisions the US has taken, both here and globally.

"But I want to be crystal clear: we are prepared, indeed one of the great strengths of this nation is our ability to keep a cool head."

Donald Trump announced the US will impose 10% tariffs on the UK, leaving the UK better off than many countries but still hit with a "devastating" blow.

Mr Trump made the announcement as he gave a rundown of the trade barriers the US will put up on foreign countries on Wednesday evening outside the White House.

The UK's tariffs will be less stringent than others, sitting at the baseline of what Mr Trump announced in the Rose Garden.

China will face blanket tariffs of 34%, the EU 20%, and other countries even more. Vietnam will have 46% tariffs, Thailand 72% and Cambodia 39%. Madagascar will face 95%."

Mr Trump also imposed imports of 25% on all imports of foreign-made cars.

British officials have been working behind the scenes ahead of the announcement with the US in a bid to minimise the tariffs to be imposed on the UK.

A Downing Street source told LBC immediately after the announcement that the 10% figure vindicated the government's approach.

"No tariffs are good but this is lower than others," they said.

But Ed Davey, the Liberal Democrat leader, said that the government should work with the EU and the Commonwealth to impose retaliatory sanctions where possible and sign their own trade deals to circumvent the US.

"If the Government gives in to Trump's threats, it will only encourage him to use the same bullying tactics again and again," Davey said.

The Conservatives blamed Labour for the trade barriers and urged them to work hard to agree a deal with the US.

And Despite the government's optimism, British manufacturers said the tariffs would be "devastating" for them.

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