US President Donald Trump has announced new tariffs on UK goods entering the US.
Speaking from the Rose Garden of the White House, Trump announced a 10% tariff on all UK imports to the US and a 25% tariff on all UK car imports to the US as part of an increase on levies across the world.
The Prime Minister and Chancellor confirmed today that the UK would be taking no retaliatory action yet in response to the US' punitive move which will badly impact their plans to grow the British economy.
Independent research by Frontier Economics suggests that a common sense deal between the EU and UK which leads to deeper regulatory alignment on goods and services would not only cancel out the economic hit to the UK from Trump’s tariffs, but would grow the UK economy by up to 1.5% with the strongest growth in areas like the Midlands and North of England.
Recent polling also suggests that this is the most popular course of action among UK voters with four times as many preferring increasing trade with the EU than cosying up to Trump in hope of a future reprieve.
Naomi Smith, Chief Executive of Best for Britain, said,
“If there was any doubt, Trump is no friend of Britain and his unprovoked trade war will be felt by ordinary people across the UK in their pocket and in cuts to public spending.
“The Prime Minister’s attempts to secure an exemption may have failed but there is an alternative. Our independent research shows a common sense deal with the EU can negate the economic damage from Trump's tariffs while securing meaningful growth across the UK, and polling suggests this option is four times more popular with voters than sucking up to Trump.”