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British firms were hit by a 10 percent tariff on all exports to the United States, as Donald Trump has ushered in a new era for global trade and that America is “no longer ripped off”.
The US president said his “Liberation Day” announcement – in which some countries will pay as much as 34 percent – was a “statement of economic independence”.
This means that the government of Sir Keir Starmer failed to secure a notch for Britain at rates, but although the UK was 13th on a ‘naughty list’ of nations branded on a White House press conference, it had the joint lowest rates with nations such as Brazil.
The European Union countries have 20 percent fines, while China will pay 34 percent and Cambodia a striking 49 percent. Switzerland was also hit hard by 31 percent. Taiwan, who is struggling for survival against threats from China, faces 32 percent in the face and India gets 26 percent.
A downing street -source said: ‘We don’t want rates at all, but a lower levy than others confirm our approach. This is important because the difference is between 10 percent and 20 percent of thousands of jobs.
“We will continue to negotiate, stay cool and stay calm. We want to negotiate a sustainable trade agreement, and of course to lower rates. Tomorrow we will continue with the work. ‘
After days of building up the US president, markets were made near his big announcement in the Rose Garden of the White House about what he called ‘Liberation Day’.
He was surrounded by his cabinet, members of the congress, senators, car workers and farmers, because he promised to “make America rich again”.
He said: “April 2, 2025 will be remembered forever if the day of the American industry was reborn. The destination of America was recycled and the day we started rich again. Our country has been plundered, pivoted, raped and looted by nations near and far, both friend and foe.
“Americans have suffered really seriously. They looked in angry when foreign leaders stole our work, foreign fraudsters refurbished our factories and foreign scavengers that once tore our beautiful American dream apart.
“Our country and its taxpayers have been ripped off for over 50 years, but it will no longer happen.”
At one point, the president proposed a car worker on stage to talk about how car plants were forced into the state of Michigan to close due to foreign competition.
The president listed a series of grievances and pointed out that tariffs on cars in South Korea and Japan prevented the US from entering the market. He complained of 20 percent VAT tax on sales in the EU that also applied to Britain. And he claimed that dairy products were hit by rates of more than 200 percent to Canada.
While the UK has made little mention, except for a reference on its list, it still gets the base level of 10 percent rates, although it is half the level it would have had if it was still in the EU.
Ministers knew that it would be impossible to avoid the measures after Mr. Trump made it clear that he was imposing rates on cars. About 17 percent of the UK cars go to the US market and have already estimated the Institute of Public Policy Research (IPPR) that it will cost Britain 25,000 posts in the car sector.
Mr. Trump claimed that his new tariff regime “will rebalance” with the US and “stops countries that benefit” from his country.
He has already announced that it will impose 25 percent rates on all cars, steel and aluminum imports to America, which includes the UK.
Business Secretary Jonathan Reynolds made it clear that there would be no response to the knee.
He said: ‘We have a variety of tools at our disposal and we will not hesitate to act. We will continue to work with UK companies, including assessing the impact of any further steps we take.
“Nobody wants a trade war and our intention remains an agreement. But nothing is off the table and the government will do everything needed to defend the national interest of the UK. ‘
Earlier, the Prime Minister resisted asking him to turn his back on America and concentrate on rebuilding relationships with the EU as the most important trading partner.
During the PMQS liberal democratic leader Sir Ed Davey, the prime minister called on the prime minister to join other countries in an ‘economic coalition of the willing’ to respond to the US rates.
But Sir Keir described Sir Ed’s proposal as “a false choice” and insisted that he would not abandon the hope of a trade agreement with the US.
He told MPs: “A trade war is in nobody’s interests and the country deserves – and we will take a quiet, pragmatic approach.”
Tina McKenzie, policy chairman of the Federation of Klein Enterprises, said: “Rates will cause unprecedented damage to small businesses to make their way into profit while the domestic economy stays flat.”
Conservative Shadow Trading Secretary Andrew Griffith said: “Labor did not negotiate with President Trump’s team too many months after the election, failed to keep our experienced top trade negotiator, and did not get an agreement to avoid the imposition of these rates by our nearest trade partner.”
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