Downing Street says Trump’s tariffs signal ‘new era’ in global economics

Experts say UK may have to raise taxes in autumn as senior MPs caution against too many concessions in US trade talks

Donald Trump's tariffs signal a new global economic era, Downing Street has said, as economists warned that the British government would probably have to raise taxes in response.

No 10 said on Friday the prime minister believed that this week's trade announcement by the US president, which has started a global trade war and sent stock markets tumbling, marked a turning point in history.