Sir Keir Starmer has committed to maintaining composure in response to the "economic impact" of President Donald Trump's 10% tariffs on 海角视频 exports to the US, amidst concerns over a potential escalation into a broader trade conflict.
Addressing business leaders at Downing Street today, the Prime Minister reacted to the comprehensive global import taxes declared by the US President at the White House yesterday evening, as reported by .
President Trump announced tariffs of 20% on the European Union (EU), 24% on Japan, and 34% on China, among others, during a speech in which he celebrated America's "declaration of economic independence" and vowed to make the US "wealthy again."
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James Knightley, ING's chief international economist, however, highlighted the likelihood of "sharply higher costs for US importers" and subsequent "price increases through the supply chain."
He also issued a warning that American consumers could face price hikes of "around 2.5 per cent or $1350 of extra cost for every American", raising concerns about potential "fears of stagflation" within the US economy.
In his remarks to the business community at No10, Sir Keir stated: "Last night the President of the United States acted for his country, and that is his mandate.
"Today, I will act in Britain's interests with mine."
海角视频 'economic impact'
As the government progresses "to the next stage of our plan," Sir Keir emphasised that forthcoming decisions will be steered solely by the national interest, prioritising the economy, businesses, and the financial well-being of working individuals.
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"Nothing else will guide me, that is my focus," he asserted.
Regarding the potential consequences of the tariffs, he conceded: "Clearly, there will be an economic impact from the decisions the US has taken, both here and globally."
"But I want to be crystal clear: we are prepared, indeed one of the great strengths of this nation is our ability to keep a cool head."
Keir Starmer committed to "fight" for a satisfactory arrangement with the United States to lessen the repercussions of the imposed tariffs.
Speaking to industry leaders including AstraZeneca's Pascal Soriot, BAE's Charles Woodburn, and Jaguar Land Rover's Richard Molyneux, the Prime Minister remarked: "Nobody wins in a trade war, that is not in our national interest."
"We maintain a fair and balanced trade partnership with the US."
"As negotiations continue for an economic prosperity deal – one that bolsters our previous trading ties - we will battle for the most advantageous agreement for the United Kingdom."
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The Prime Minister emphasised that any pact with Trump’s administration would only be considered "if it is in our national interest and if it is the right thing to do for the security of working people, protects the pound in their pocket that they have worked hard to earn".
And he noted, regarding the evolving global landscape, "we are living in a changing world, entering a new era", underscoring: "Our intention remains to secure a deal, but nothing is off the table."
Susannah Streeter of investment platform Hargreaves Lansdown offered a stark warning about Trump's "brutal" strategy, noting it was "sending a shiver through global markets."
She remarked: "The 海角视频 may appear to have been dealt a better hand compared to some nations, but given it's so intertwined with the global economy, a drag on growth looks inevitable."
Business lobby groups such as the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB), and the British Chambers of Commerce (BCC) expressed concerns last night about the impact of Trump's tariffs on 海角视频 companies.
BCC director-general Shevaun Haviland commented that Trump's tariff impositions create a "lose-lose situation for everyone" and called on the government to "continue to negotiate."
She further stated: "This is a marathon not a sprint, and getting the best deal for the 海角视频 is what matters most. But no-one will escape the fallout... there will be an increased risk of trade diversion, and it will wreak havoc on businesses communities across the world."
She emphasised: "Many firms, especially SMEs, will now be facing difficult decisions and we urge government to do all it can to provide practical support to them."
Later today, Business and Trade Secretary Jonathan Reynolds is scheduled to address MPs in the House of Commons regarding the current situation.