Sir Keir Starmer is about 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 will be additional bulletins from the prime minister this week on help for British enterprise.”
Mr Jones mentioned Sir Keir has been “clear that he is sad concerning the tariffs” however it’s important the UK reacts in a “cool-headed and calm method”.
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 “additional and quicker” in supporting British business and the financial system.
The federal government has mentioned 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 nations fared worse, with the European Union having 20% tariffs imposed on items, and China 34%.
Mr Jones mentioned whereas many different nations have been additionally given 10% tariffs, “different massive, advanced economies” just like the UK got a lot larger tariffs.
He mentioned 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 US within the run as much as the president’s bulletins,” he mentioned.
“However clearly we do not like tariffs. We’re not completely satisfied about that.”
Mr Trump had advised Sir Keir was “very completely satisfied” with the ten% tariffs, however Mr Jones mentioned he thought the president was referring to the very fact the UK had decrease tariffs than others.
Tariffs are Brexit dividend
The minister mentioned he believes the UK can dealer a superb 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 is good, however what we’re not going to do is decide or commerce off the US or the European Union,” he mentioned.
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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’ve been actually clear we won’t have chlorinated hen within the UK,” he mentioned.
Sir Keir earlier this week mentioned “nothing is off the desk” in reference to potential retaliatory tariffs, nevertheless, Mr Jones appeared assured a deal could possibly be made.
International markets fall
On Friday, China launched 34% further tariffs on all items imported from the US after calling the 34% obligation positioned on its items “bullying”.
The tariffs have brought on world markets to plummet, with the UK’s FTSE 100 index of main shares closing greater than 7% decrease on Friday than Monday – it is worst day of buying and selling for the reason that begin of the COVID pandemic.
Nearly $5tn (£4tn) was wiped off the worth of world inventory markets since Mr Trump’s announcement on Wednesday, analysts calculated.
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