Trump plans to raise tariffs amid trade concerns
- Donald Trump has suggested imposing tariffs of 10% to 20% on goods from US trading partners, which could significantly affect the UK economy.
- UK exports to the US, a crucial market, could face a loss of £22 billion if these tariffs are introduced, targeting sectors like fishing and mining.
- Experts indicate that the UK might avoid these tariffs due to Brexit and its special relationship with the US, but a decision on agriculture and trade agreements remains critical.
The outcome of the recent US elections has raised fears of a global trade war, with Donald Trump proposing tariffs ranging from 10% to 20% on goods imported from various countries, significantly impacting the UK, which is the US's largest export market. There are concerns that if these tariffs are implemented, UK exports could face a potential loss of £22 billion. Analysis from the University of Sussex's Centre for Inclusive Trade Policy indicates that certain sectors, such as fishing and mining, would be hit hardest. Notably, experts suggest that the UK could potentially avoid these tariffs due to its Brexit status and the special relationship it maintains with the US. However, the UK government has a challenging decision to make regarding support for agriculture versus a potential free trade deal with the US.