Sir Keir Starmer is expected to announce fresh support measures for British businesses following the introduction of US tariffs on UK exports. Writing in The Sunday Telegraph, Sir Keir said the Government must go “further and faster” to support British industry, promising to “shelter British business from the storm” with a “new mentality for new times”.
Donald Trump’s 10% tariffs on UK goods came into effect on Saturday. The Government says negotiations are ongoing, but talks between the UK and US failed to reach a deal last week.
While the UK was hit with a 10% rate, other countries faced steeper tariffs – the EU was hit with a 20% duty and China with 34%. The minister suggested this difference was a “Brexit dividend”, noting the UK’s ability to negotiate separate trade terms. He also stressed that the UK would not lower food standards in any trade deal with the US.
Meanwhile, China has retaliated by introducing its own 34% tariff on US imports, accusing Washington of “bullying”.
The trade war has triggered a sharp downturn in global markets. The FTSE 100 suffered its worst trading day since the COVID pandemic, ending the week over 7% down. Analysts estimate around $5 trillion (£4 trillion) has been wiped from global stock markets since Trump’s announcement on Wednesday.
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