As global trade turmoil intensifies, the UK prepares to embark on an economic revival under Prime Minister Keir Starmer’s leadership, aiming to counter the fallout of Donald Trump’s tariff blitz and safeguard its proud, hard-working nation.
Keir Starmer Orders UK Economic Reset Amid Donald Trump’s Tariff Mayhem
The Fallout of Trump’s Tariffs: A Global Trade War?
Almost $5tn (£4tn) was wiped off the value of global stock markets after ‘the tariff offensive’ launched by Trump last Wednesday on the rest of the world, including a 10% base tariff on imports into the US from the UK. On Friday, the FTSE 100 closed more than 7% lower than last Monday, after what was its worst week since the height of panic over the Covid pandemic in March 2020.
In 2018, President Donald Trump introduced tariffs on imported steel and aluminum to protect American industries.
The tariffs imposed a 25% duty on steel and 10% on aluminum from certain countries, including China, Canada, and Mexico.
The move was aimed at reducing the US trade deficit and supporting domestic producers.
However, it sparked controversy and retaliatory measures from affected nations, leading to a global trade war.
The tariffs also increased costs for American businesses and consumers, particularly in industries reliant on imported materials.
A Global Economic Shock?
Britain’s luxury carmaker Jaguar Land Rover (JLR) said on Saturday that it would ‘pause’ shipments to the US in April as it considered how to respond. “As we work to address the new trading terms with our business partners, we are taking some short-term actions, including a shipment pause in April, as we develop our mid- to longer-term plans,” said JLR.
A New Era?
The UK prime minister Keir Starmer is preparing to rethink key elements of the government’s economic policy in an emergency response to Donald Trump’s tariff blitz. He believes that “old assumptions should be discarded” and that the UK may need to raise taxes again or change its fiscal rules to allow more borrowing and fire up economic growth at home.
Keir Starmer is a British politician who serves as the leader of the Labour Party.
He was born on September 2, 1962, in Southwark, London.
Prior to entering politics, Starmer worked as a human rights lawyer and was involved in several high-profile cases, including the European Convention on Human Rights.
He became an MP in 2015 and served as Shadow Brexit Secretary from 2016 to 2020.
In April 2020, he succeeded Jeremy Corbyn as Labour Party leader.
A Global Trade War Risks Undermining a Proud, Hard-Working Nation
The kind of language now emanating from Starmer’s circles will be seen by economists as preparing the ground for big potential shifts in economic policy. Paul Johnson, director of the Institute for Fiscal Studies, said: “To the extent that this does change the economic situation in ways that could not have been predicted, that does give permission to do things that were not politically doable otherwise.”
A European Response?
The EU has yet to announce its response, while the UK said it is keeping all options available. Former World Trade Organization head Pascal Lamy said the EU can use its trading power to threaten countermeasures against the US. “We have both a trade defence arsenal with anti-dumping, anti-subsidy and safeguard systems in case of import surges,” he added.
A Show of Defiance Against Trump’s Agenda
Hundreds of thousands of people took to the streets of Washington and other big cities on Saturday in a show of defiance against the president’s “authoritarian overreach and billionaire-backed agenda”. The “Hands Off” protests – of which more than 1,000 events are planned across the country – were expected to be the largest single day of action since Trump was sworn into office for a second term.
Donald Trump is a businessman, television personality, and politician who served as the 45th President of the United States from 2017 to 2021.
Born on June 14, 1946, in Queens, New York, Trump graduated from the University of Pennsylvania with a degree in economics.
He built his business empire through real estate development, hospitality, and entertainment.
Trump's presidential campaign focused on immigration reform, trade protectionism, and tax cuts.
He won the election with 304 electoral votes out of 538.
- theguardian.com | Keir Starmer orders UK economic reset amid Donald Trump’s tariff mayhem
