The president-elect made universal tariffs a core tenet of his economic pitch, proposing a specifically harsh rate for Chinese goods.

In her speech to City of London attendees, the chancellor said the U.K. would not reverse Brexit but the country “must reset our relationship” with the EU as it faces “geopolitical uncertainty” and “structural challenges, including those which have come from Brexit.”

Companies are scrambling to shift production out of China, bolster inventory and weigh price increases as they brace for tariff hikes from a second Trump administration. Why it matters: Trump has threatened to ramp up duties on China,