Lammy: UK to Lobby Trump against Imposing Tariffs on British Goods
Economists anticipate quick action from the Trump administration to implement increased tariffs on imported goods.
Britain aims to persuade President-elect Donald Trump that imposing tariffs on British imports is not beneficial to Washington, according to Foreign Secretary David Lammy’s statement on Thursday.
Trump is looking to raise tariffs on imports from various countries, including the UK, by 10 percent, with a higher percentage of 60 set for goods from China.
Downing Street is eager to maintain strong trade and political ties with Washington, considering the potential impact of Trump’s trade policies on the UK economy.
Despite concerns over past remarks, including calling Trump a “neo-Nazi” sympathizer, Lammy mentioned that these comments were not raised during their visit to the US in September.
Impact on Global and UK Economy
Trump’s plans for increased blanket tariffs could affect global economic growth by about 1 percent over the coming years, according to economists from the National Institute of Economic and Social Research (NIESR).
The potential rise in costs due to the tariffs has raised concerns among British taxpayers, as mentioned by the leader of Liberal Democrats Ed Davey in the House of Commons.
Bank of England Governor Andrew Bailey mentioned on Thursday that they will closely observe developments post the US election, as higher interest rates may follow due to the price increase caused by increased US tariffs.
PA Media and Reuters contributed to this report.
