The new global tariffs imposed by the US will have “deep” economic consequences, the British Prime Minister warned.
British Prime Minister Kiel Starmer said the US’s drastic introduction of global tariffs created a “new world” ruled by “trade and alliances” rather than rules.
Starme made his remarks in an opinion piece published in the Sunday Telegraph newspaper as countries around the world were further radioactively driven by further fallout from President Donald Trump’s new tariff regime, which sent countries around the world plunged markets last weekend.
“The world we knew it was gone. Old assumptions are no longer for granted,” writes Starmer.
Trump’s 10% baseline import tax began on Saturday as import taxes on goods around the world. The UK has come down relatively lightly with 10% tariffs, but many countries face even higher taxes in the coming days.
“This is an economic revolution and we’ll win,” the US president wrote on Saturday on his social media platform, Truth Social. “Hang tough, that’s not easy, but the end result is historic.”
Priority opposed. “No one wins from the trade war,” he said, explaining the “deep” economic consequences from Trump’s trade attacks, signaling “all options remain on the table” when dealing with tariffs.
The end of globalization
On Sunday, UK Treasury Prime Minister Darren Jones said on Sunday in the BBC’s Laura Quensberg programme that “globalization as we know for the last decades” was indeed over.
The British minister has been reluctant to criticize the Trump administration in the wake of tariffs as authorities have been in talks with the US for several weeks in the hopes of securing a trade deal with Washington.
The priorities, in his opinion, argued that trade contracts would be struck with the US “only if they are suitable for the security of UK businesses and workers,” and that they would “continue to assert for free and open trade.”
Trump’s 34% tariffs on Chinese products are expected to kick next week, triggering Beijing’s announcement of a 34% tax on US products from Thursday.
The European Union and Japan are also one of the US’s roughly 60 trading partners facing higher interest rates on Wednesday, raising fears about the recession in some of the world’s major economies.
With Trump’s announcement of tariffs on Wednesday, countries rushed to respond. Zimbabwean President Emerson Mnangagwa announced on Saturday that he would suspend all tariffs on goods imported from the US after being hit by an 18% levy.
Indonesia’s economy minister Airlangga Hartarto on Sunday said in a statement that his country, Southeast Asia’s largest economy, would not retaliate against the 32% tariffs that come into effect on Wednesday.
“This approach was made by taking into account the long-term interest in bilateral trade relations and maintaining the investment environment and national economic stability,” he said, adding that Jakarta will support potentially affected sectors such as the apparel and footwear industries.
The new taxation was “the most drastic tariff hike since the Smoot Holy Customs Act and best remembered by inciting the 1930 law, the global trade war and deepening the Great Repression.”
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