Hello and welcome to NewsHour. It's coming to you live from the BBC World Service Studios in central London.

I'm Tim Franks. And we're spending most of today's programme trying to get the measure of a very big moment for the global economic order,

for the way in which goods flow around the world, for the historic position of the United

States as the founder and leader of free trade and globalisation, for how we're all likely

to feel the effects of Donald Trump's imposition of sweeping tariffs or import taxes.

The announcement came on a chilly, sunny afternoon in Washington with what Mr. Trump,

who never knowingly undersells these sorts of pronouncements, called Liberation Day.

For decades, our country has been looted, pillaged, raped and plundered by nations near and far,

both friend and foe alike, American steelworkers, auto workers, farmers, and skilled craftsmen.

We have a lot of them here with us today.

They really suffered gravely.

They watched in anguish as foreign leaders have stolen our jobs.

Foreign cheaters have ransacked our factories and foreign scavengers have torn apart our once beautiful

American dream. We had an American dream that you don't hear so much about.

President Trump's answer to those decades of what he sees as unfair practice, although, as you

heard, he uses rather more florid language. Well, it's a baseline tariff of 10% on imports from all countries,

but then what he called reciprocal tariffs

to go some way to level the import taxes and barriers

that other countries impose on U.S. exports.

They will vary in levels, and they will hit friend as much as foe.

India, very, very tough, very tough.

The prime minister just left.

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