As the weather gets warmer the global trade winds are getting noticeably cooler. New American tariffs have sent stock markets into free fall and according to some experts dramatically increased the chance of a global recession. The UK may face lower tariffs than most countries, but it remains a fact that tariffs anywhere are bad news for the UK economy.

The UK is more heavily dependent on overseas trade than most countries including the US and the Government’s job is to navigate our economy through unpredictability, guided, as we always will be, by our national interest. We will keep negotiating, keep cool and keep calm. We will try to get a trade deal with the US and try to reduce tariffs. If we don’t, or even if we do, we will seek new deals with countries like India, Australia and Canada and in particular with our nearest neighbours, the EU.

The US has created this problem, we should see it as our opportunity to chart a course through a new economic reality. Thanks to our budget which fixed the economic foundations and our large parliamentary majority we are increasingly seen as an attractive country in which to invest.

Globalisation may not have worked for everyone and European allies may have not spent enough on their defence – but tariffs are not the answer. We are putting that right through growth in every part of our country and capitalising on emerging defence markets.

But that needs an active state responding more quickly to challenges and opportunities and not leaving it up to market forces to decide.