Nearly $5 trillion were wiped out from the value of global stock markets after U.S. President Donald Trump made the shocking announcement last Wednesday, which included a 10% base tariff on imports to the U.S. from the United Kingdom.
Trump’s 10% tariff on British products went into effect on Saturday, as global stock markets continued to fall in response to the imposition of import taxes.
Cambodia, Vietnam, and Thailand were hit with tariffs of 49%, 46%, and 36%, respectively, while the EU faces a 20% tax on all goods exported to the U.S.
Analysts warn that the already slow economic growth in the UK may fall by up to 0.5 percentage points over the coming years as a result of Trump’s tariffs.
In response to the U.S. tariff offensive, UK Prime Minister Keir Starmer wrote an opinion piece in the Sunday Telegraph, stating that he is ready to “use industrial policy to help protect British businesses from the storm.”
He is among world leaders who are in intensive discussions with their teams, carefully considering how to respond to the tariffs imposed by the U.S. president, The Guardian reports.
“Old assumptions can no longer be taken for granted. The world as we knew it is gone. We must rise to meet the moment,” Starmer wrote.
“We are prepared for what comes next. The new world is less governed by established rules and more by agreements and alliances.”
