Sir Keir Starmer is now delivering a speech in the West Midlands, after promising “bold changes” to rules around electric cars.
He says there is “no doubt” the challenge that tariffs put forward by Donald Trump bring, but: “This is a moment for cool heads”.
The prime minister adds: “Nobody wins from a trade war – you know that, but it’s also a moment for urgency.
“Because we’ve got to rise together as a nation to the great challenge of our age – and it is the great challenge of our age – which is to renew Britain so we are stable in this era of global instability.
“Nobody is pretending that tariffs are good news – you know that better than anyone.
“25% tariffs on automotive exports and 10% on other goods, that is a huge challenge for our future.
“And the global economic consequences could be profound.”
Starmer adds that we are facing a new and changing world, an “era where old assumptions… simply don’t apply any longer”.
He calls this an age of “insecurity”, saying it threatens to “sweep away things we cherish in our community”.
“This government will not just sit back and hope,” the PM adds.
“We’re going to seize the possibilities, fight for the future on defence spending, on AI… and on manufacturing, including car building.”
Starmer concludes that the UK’s future is “in our hands”.
“Of course we will keep calm and fight for the best deal with the US,” adding this has been discussed “intensely” over the last few days.
“We are also going to work with our key partners to reduce barriers to trade across the globe, to accelerate trade deals with the rest of the world, and champion the cause of free and open trade right across the globe.”
Starmer goes on to announce £600m of investment in new health and data research with Wellcome Trust, making sure “patient data in our NHS is unlocked for good”.