UK anticipates new US tariffs, reports media
Trade barriers could reportedly reduce the size of the British economy by 1% and lead to tax hikes. The UK is reportedly gearing up for a new round of US trade tariffs that may be announced this week, according to several media sources citing...
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Trade barriers could reportedly reduce the size of the British economy by 1% and lead to tax hikes.
The UK is reportedly gearing up for a new round of US trade tariffs that may be announced this week, according to several media sources citing Downing Street.
Details regarding the prospective tariffs have yet to be disclosed, but reports indicate that they could shrink the British economy by 1%, with estimates from Britain's Office for Budget Responsibility, as reported by Reuters. The Guardian also suggests that tax increases may be on the horizon due to the upcoming trade restrictions.
US President Donald Trump is anticipated to unveil the new measures on Wednesday during what he refers to as "Liberation Day." The Trump administration contends that its goal is to reduce the $1.2 trillion trade deficit by imposing tariffs on foreign goods and addressing non-tariff barriers set up by other countries.
“We have been actively preparing for all eventualities ahead of the expected announcement from President Trump this week, which would expect the UK to be impacted alongside other countries,” a spokesman for British Prime Minister Keir Starmer informed journalists on Monday.
Presently, London is attempting to negotiate a trade deal with Washington that would exempt it from further rounds of tariffs. However, The Guardian reports that this agreement is unlikely to materialize in the immediate future.
“This is an unpredictable situation and an unpredictable administration,” a British official shared with the publication. “We’re having to plan for every scenario.” Sources familiar with the matter noted that London would refrain from immediately countering the US tariffs, aiming to avoid compromising ongoing negotiations, which are expected to persist regardless of the potential tariffs.
Discussions between London and Washington are expected to “continue at pace this week,” Starmer stated following a phone call with Trump on Sunday evening. The UK prime minister described these exchanges as part of “productive negotiations,” indicating that both parties agreed to “stay in touch” in the upcoming days.
Last week, Trump revealed plans to impose a 25% tariff on car imports, affecting British manufacturers like Bentley and Aston Martin. Additionally, a previously enacted 25% tariff on steel imports has led the UK’s last remaining producer of virgin steel to contemplate shutting down its only operational plant in the country.
Alejandro Jose Martinez for TROIB News
The UK is reportedly gearing up for a new round of US trade tariffs that may be announced this week, according to several media sources citing Downing Street.
Details regarding the prospective tariffs have yet to be disclosed, but reports indicate that they could shrink the British economy by 1%, with estimates from Britain's Office for Budget Responsibility, as reported by Reuters. The Guardian also suggests that tax increases may be on the horizon due to the upcoming trade restrictions.
US President Donald Trump is anticipated to unveil the new measures on Wednesday during what he refers to as "Liberation Day." The Trump administration contends that its goal is to reduce the $1.2 trillion trade deficit by imposing tariffs on foreign goods and addressing non-tariff barriers set up by other countries.
“We have been actively preparing for all eventualities ahead of the expected announcement from President Trump this week, which would expect the UK to be impacted alongside other countries,” a spokesman for British Prime Minister Keir Starmer informed journalists on Monday.
Presently, London is attempting to negotiate a trade deal with Washington that would exempt it from further rounds of tariffs. However, The Guardian reports that this agreement is unlikely to materialize in the immediate future.
“This is an unpredictable situation and an unpredictable administration,” a British official shared with the publication. “We’re having to plan for every scenario.” Sources familiar with the matter noted that London would refrain from immediately countering the US tariffs, aiming to avoid compromising ongoing negotiations, which are expected to persist regardless of the potential tariffs.
Discussions between London and Washington are expected to “continue at pace this week,” Starmer stated following a phone call with Trump on Sunday evening. The UK prime minister described these exchanges as part of “productive negotiations,” indicating that both parties agreed to “stay in touch” in the upcoming days.
Last week, Trump revealed plans to impose a 25% tariff on car imports, affecting British manufacturers like Bentley and Aston Martin. Additionally, a previously enacted 25% tariff on steel imports has led the UK’s last remaining producer of virgin steel to contemplate shutting down its only operational plant in the country.
Alejandro Jose Martinez for TROIB News
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