Donald Trump hits UK with 10% trade tariff
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A global recession is looking increasingly likely as the worldwide stock market crash continues following Donald Trump’s tariffs hammerblow. Financial markets in Britain, America, Europe and Asia went into meltdown again on Friday as panic among investors spread.
The nosedive came as China fired the first shot in a global trade war by slapping a retaliatory 34% tariff on all US goods. The FTSE 100 dropped by about 4% shortly after the announcement, losing around 150 points in the space of an hour and hitting the lowest level since December. Beijing also announced they were effectively banning 11 American companies by adding them to a list of "unreliable" firms - and placing restrictions on 16 others.
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New York stock market (Image: Getty)
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Chinese President Xi Jinping (Image: Getty)
The Communist superpower warned that Mr Trump's sweeping tariffs are "inconsistent with international trade rules".
Mr Trump's tariffs blitz has wiped off around $2 trillion from the US stock market - but the defiant president insists all is going well.
"The markets are gonna boom, the stocks are gonna boom, and the rest of the world wants to see if there's any way they can make a deal," he said.
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"You'll see how it's gonna turn out. Our country's gonna boom."
Sir Keir Starmer will be holding a series of talks with global leaders this weekend as the world reels from the US President’s “Liberation Day” announcement.
Downing Street made clear on Friday that the UK is “disappointed” with the US levies and will be speaking with partners in the coming days as it grapples with a “new era” in trade and a “shifting” economic landscape.
No 10 contradicted Mr Trump’s claim that the Prime Minister was “very happy” about the imposition of a 10% import tax on British goods entering America.
Asked whether that characterisation was accurate, a Downing Street spokesman said: “We’re disappointed by the tariffs that have been brought in.
“Clearly, there will be an economic impact from the decisions the US has taken, both here and globally, but both the Prime Minister and the Business Secretary have been very clear over the last 24 hours that we will continue to act in the best interests of the UK, and we’re prepared to do so.”
The official added: “We’ll be engaging with international leaders over the weekend… The need for engagement with international leaders is clear. It is a changing, shifting global economic landscape.”
Keir Starmer hosts meeting with businesses in Downing Street (Image: Getty)
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It is unclear at this point which countries will be included in the calls but No 10 said there would be updates in the coming days.
Ministers have so far avoided criticism of the US president as they seek to secure an economic deal with Washington that they hope would mitigate the damage posed to Britain by Mr Trump’s global import taxes.
But on Friday morning, Foreign Secretary David Lammy said he regretted the “return to protectionism” in the US and warned that Britons were “very concerned” about how tariffs would hit their personal finances.
He said all options remain on the table to respond in the national interest, but that the UK’s immediate focus was on negotiating an economic agreement with Washington.
Asked whether Mr Lammy had been speaking for the UK, a Number 10 official said: “You have the Foreign Secretary’s words, and you have the Prime Minister’s words from yesterday.”
Pressed on whether Sir Keir himself would characterise this period as a “new era of protectionism”, the spokesman said: “No.
“I wouldn’t characterise it in any particular way apart from the fact that the global economic landscape is shifting, and we need to shift with it.”
Speaking to reporters on board Air Force One on Thursday, Mr Trump had said of Sir Keir: “We have a very good dialogue. I think he was very happy about how we treated them with tariffs.”
Under Mr Trump’s plan British goods will be subject to a 10% import tax with the blanket tariff coming into effect at 5am on Saturday.
The UK car industry has already been hit with a 25% import tax which began in the early hours of Thursday morning.
Ministers still hope for a deal with the US to secure some exemption from the tariffs, with Sir Keir promising businesses on Thursday that he would “fight for the best deal for Britain”.
But the Government has drawn up a list of products that could be slapped with import taxes in retaliation and will consult with businesses on how they will be hit by any UK measures striking back at Mr Trump’s global trade policy.
An “indicative list” published on Thursday showed goods that could be targeted, including bourbon whiskey, motorcycles, guitars and jeans.
But an immediate response is unlikely as Trade Secretary Jonathan Reynolds told MPs he would hold a four-week consultation on countermeasures.
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Shadow chancellor Mel Stride told Sky News: “Our hope now is that the Government steps up to the plate, moves forward rather more quickly in order to secure a deal because that is the best solution for our country.”
Last week, the Office for Budget Responsibility warned that Ms Reeves’s headroom against her debt target would be at serious risk if tariffs were imposed.
If this proves to be correct, the Chancellor will face the prospect of imposing more spending cuts or tax rises if she does not change her fiscal rules.