Trump tariffs latest: Warning 25,000 UK jobs could be put at risk by ‘Liberation Day’ plans

Explained: What are tariffs and why is Trump threatening to use them? Tariffs are taxes on goods imported into a country. It is the importers buying the goods who pay the tariffs – therefore, in the case of the US, American companies. Ultimately, the intent is to protect US manufacturing and bolster jobs by making foreign-made products less attractive. However, there is a knock-on effect: to compensate for tariffs, companies put up their prices, so customers end up paying more for goods. Tariffs can also damage foreign countries as they make their products pricier and harder to sell. In his…