Before we come to Treasury questions, I have agreed to a request from the Chancellor to make some brief comments about the global financial situation, following which the shadow Chancellor and the Liberal Democrat spokesperson will be allowed to respond and ask a question.

I will then call other hon. Members to ask the questions on the Order Paper in the usual way.

Other Members may well wish to refer to the Chancellor’s comments in their supplementary or topical questions, and I will take a more liberal view of the scope of supplementary questions than is usually the case. I call the Chancellor of the Exchequer.

I call the shadow Chancellor.

I thank the right hon. Lady for advance notice of her comments. This is a time of great concern for millions of people up and down our country, for businesses, and, as an open-trading nation, for our economy at large.

Free trade has been the bedrock of prosperity for our country, and for many countries around the world, for decades. It has raised billions of people out of poverty.

Tariffs are the enemy of free trade, and we on the Conservative Benches will do whatever we can to assist the Government in getting those tariffs down.

Having said that, of course we will never cease to be an effective Opposition who vigorously hold the Government to account—not least on the disastrous decisions that they have already taken in respect of our economy.

We will be responsible when it comes to these matters, particularly where market sensitivities are engaged. I want to ask the right hon. Lady the following questions.

First, could she provide further details of the US negotiations and specifically whether further meetings with Scott Bessent and others have been arranged that involve her? Secondly, which areas beyond tariffs are being discussed in those negotiations?

Thirdly, which sectors beyond cars and life sciences are being considered for potential Government support? Finally, could she update the House on what options there are for protecting sectors of the economy that might be affected by the dumping of goods as a consequence of trade diversion?

I call the Liberal Democrat spokesperson.

People up and down the country will be incredibly concerned about what Trump’s trade war means for their living standards and their communities. At the same time, people want to show that Britain is not going to take Donald Trump’s trade tariffs lying down.

We welcome the Chancellor’s announcement that the Government will be working further and faster with our allies abroad. Can she confirm that any new trade deals will be brought before this House for a vote before they are ratified?

At the same time as working with our allies abroad to create new export markets, will the Chancellor and the Government commit to a “Buy British” campaign as part of a broader national effort to encourage people to buy British here at home?