Sir Keir Starmer pledges to protect UK companies from Trump tariff ‘storm’ | UK News

Sir Keir Starmer said his government was ready to use industrial policy to “shelter British affairs against the storm” after Donald Trump’s new 10% tariff kicked in.

The UK was one of a number of countries that has the lowest import tax rate The president’s announcement on April 2 – which he called ‘Liberation Day’While other countries, such as Vietnam, Cambodia and China, are facing much higher US levies.

But a global trade war will damage the open economy of the UK.

The prime minister said “these new times are demanding a new mentality”, after the 10% tax on British imports to America entered into effect Saturday. On Thursday, a 25% US levy was introduced on all foreign car imports.

It comes like Jaguar Land Rover has announced that it will “interrupt” for a month for a month, as firms are struggling with the new tax.

The car manufacturer said on Saturday that it works to “address the new trade conditions” and “wants to” develop our middle to longer term plans “.

With reference to the rates, Mr. Keir said: “The immediate priority is to stay calm and fight for the best transaction”.

He wrote in the Sunday Telegraph, saying that in the coming days we will “plans turbo charges that will improve our domestic competitiveness”, adding: “We are ready to use industrial policy to help British affect the storm.”

It is believed that a number of announcements can be made as soon as ministers want to grow.

NI contribution for employers is rising

From Sunday, the rate of employer -Nic’s (national insurance contributions) increased from 13.8% to 15%.

At the same time, firms will also pay more because the government has lowered the salary threshold under which companies start paying NICs from £ 9,100 to £ 5,000.

The FTSE 100 of leading British enterprises Had his worst day of trading since the beginning of pandemic FridayWith banks under some of the firms to suffer the sharpest losses.

Sir Keir said: “This week the government will do everything needed to protect the national interest of Britain. Because if global economic sand changes, our laser will focus on the delivery of Britain. And these new times demand a new mentality.”

The UK has saved the highest tariff rates

Some of the highest rates have been applied to countries with ‘worst offender’, including some in Southeast Asia. Camboda imports will be subject to a 49% rate, while that of Vietnam will have a 46% rate. Chinese goods will be hit with a tariff of 34%.

The import from France will have a 20% tariff, the rate determined for the European Union countries. It will come into effect on April 9.

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Sir Keir spoke to foreign leaders over the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanian, to discuss tariff changes.

A spokeswoman for Downing Street said about the conversation between Sir Keir and Mr. Macron: ‘They agreed that a trade war was in nobody’s interests, but that nothing should be off the table and that it was important to keep the business informed of the development.

“The prime minister and president have also shared their concerns about the global economic and security impact, especially in Southeast Asia.”

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Trump’s warning

Mr. Trump warned Americans that the rates “would not be easy”, but urged them to “hang out”.

In a post on his truth social platform, he said: ‘We bring back work and businesses like never before.

‘More than five billion dollars’ investment, and rise rapidly!

“It’s an economic revolution, and we’ll win. Hanging tough, it won’t be easy, but the end result will be historic.”