Donald Trump’s US election campaign threat to impose 10% levies on US trading partners could hurt the UK economy
utside the US embassy in London, a steady line of visitors arrive for visa appointments. On the windswept south bank of the Thames, the fortress-like building is not the most welcoming proposition: it stands isolated, a cold glass cube hemmed in by a medieval-style moat., the atmosphere was not much warmer. Having flown in to promote US trade links with Britain, the governor of New Jersey, Phil Murphy, knew his job had just got a lot harder.
Trump’s victory has raised the prospect of a renewed global trade war on a much bigger scale than in his first term, when hisOn the campaign trail, the president-elect, who has described himself as a “tariff man”,from US trading partners, and up to 60% and 100% for China and Mexico. The National Institute of Economic and Social Research has said Trump’s measures could halve UK growth and drive up prices for consumers. Andrew Bailey, the governor of the Bank of England, said last week that Threadneedle Street would be watching the situation closely.
Trump could take a favourable view of the UK because he supports Britain’s withdrawal from the EU. “Brexit and Trump each were born in the same year. I can’t speak for the president, but I think there’s an embedded sympathy for somebody who leaves a bureaucracy, a club if you will.”But with Labour in power, raising questions over the strength of US-UK ties, Keir Starmer is under pressure to build closer trade links with the EU instead.
However, as a senior politician who fought New Jersey’s corner when Trump was last president and also served as Barack Obama’s ambassador to Germany, he has experience – and is not alone in this view.
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