Stock markets in London, Paris, and Berlin fell on Thursday following U.S. President Donald Trump’s announcement of sweeping tariffs. The UK has been hit with a baseline 10% while the EU has been hit with 20%.

Sir Keir Starmer has vowed to “keep a cool head” in the face of the “economic impact” of Donald Trump’s 10 per cent tariffs on UK exports to the US, amid fears of a wider trade war.

The FT reports that it has seen an informal paper that the UK government has circulated outlining its plans for a multilateral fund that would support weapons stockpiles and military equipment across the continent.

Donald Trump indicated that Elon Musk would leave his government position as a special employee by the end of May, although it remains uncertain if this will occur as scheduled.

The world’s major economies vow retaliation against US tariffs set to be introduced today (21:00 BST).

A look at the market jitters ahead of the new round of US tariffs – with US media speculating it is set to be a blanket 20% tariff on all non-American goods.