Sir Keir Starmer is ready to announce extra help for companies after Donald Trump’s 10% tariffs kicked in on Saturday, a senior minister has instructed Sky Information.
Darren Jones, chief secretary to the Treasury, instructed Sunday Morning With Trevor Phillips: “There’ll be further announcements from the prime minister this week on support for British business.”
Mr Jones stated Sir Keir has been “clear that he’s unhappy about the tariffs” however it’s important the UK reacts in a “cool-headed and calm way”.
He added the prime minister was clear in an article he wrote for The Sunday Telegraph he thinks globalisation has failed within the present context, and the federal government must go “further and faster” in supporting British trade and the economic system.
Sir Keir promised to “shelter British business from the storm” and wrote “these new times demand a new mentality”.
The federal government has stated it’s persevering with to barter with the US after it failed to come back to an settlement by Wednesday final week, when Mr Trump positioned 10% tariffs on all UK exports to the US.
Many different international locations fared worse, with the European Union having 20% tariffs imposed on items, and China 34%.
Mr Jones stated whereas many different international locations have been additionally given 10% tariffs, “other large, complex economies” just like the UK got a lot greater tariffs.
He stated that was right down to Sir Keir having a “good relationship” with Mr Trump and commerce groups negotiating for months beforehand.
“It was a vindication of our engagement with the United States in the run up to the president’s announcements,” he stated.
“But clearly we don’t like tariffs. We’re not happy about that.”
Mr Trump had steered Sir Keir was “very happy” with the ten% tariffs, however Mr Jones stated he thought the president was referring to the actual fact the UK had decrease tariffs than others.
Tariffs are Brexit dividend
The minister stated he believes the UK can dealer a very good cope with each the US and the EU.
He admitted it was a “Brexit dividend” that meant the UK received off higher than the EU.
“It’s good, but what we’re not going to do is pick or trade off the United States or the European Union,” he stated.
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No chlorinated hen
The minister was additionally insistent the UK wouldn’t enable much less strict US meals requirements as a part of a deal.
“I have been really clear we will not have chlorinated chicken in the UK,” he stated.
Sir Keir earlier this week stated “nothing is off the table” in reference to potential retaliatory tariffs, nonetheless, Mr Jones appeared assured a deal might be made.
World markets fall
On Friday, China launched 34% extra tariffs on all items imported from the US after calling the 34% responsibility positioned on its items “bullying”.
The tariffs have brought about world markets to plummet, with the UK’s FTSE 100 index of main shares closing greater than 7% decrease on Friday than Monday – it’s worst day of buying and selling because the begin of the COVID pandemic.
Nearly $5tn (£4tn) was wiped off the worth of worldwide inventory markets since Mr Trump’s announcement on Wednesday, analysts calculated.
