Donald Trump during a meeting with Prince William (Image: Getty)
Business Secretary Jonathan Reynolds said he was worried about a potential tariff war as Donald Trump is set to return to the White House.
Mr Trump has signalled he is willing to introduce tariffs on goods coming from Canada and Mexico, two of the US’s biggest trading partners, as well as China, in a bid to protect America’s homegrown industries.
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During his campaign, he repeatedly pledged a levy of 20% tax on all imports into the US, and a 60% tariff on Chinese imports.
In recent days, the president-elect has spoken of establishing a new US government agency tasked with collecting revenue from tariffs.
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Financial markets around the world have started to react to the possibility the trade taxes could be applied more widely, which is believed to have influenced a spike in Government borrowing costs in the UK.
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Mr Reynolds said: “It’s going to be a challenging time for anyone who is responsible for trade in a big economy because of some of those pledges that were made in the campaign.
Asked if he was worried about a tariff war, he said: “I am.
“I am, because the UK is a very globally-orientated economy, so the exposure, the danger to the UK is actually greater than even some comparable countries around that.
“So, a lot of our work has been preparing for that, engaging early with the new administration.”
He added: “Ultimately, tariffs are paid for by your own people. So, it’s got real pressures in terms of inflation, in terms of your ability to employ people, to export to other markets.”
He said the UK was “well prepared” and had a “good argument to make” in trade talks with the US, and there is a “chance to get an even better relationship”.
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The UK could face a ￡22billion hit to its exports if Mr Trump imposes a blanket 20% tariff on all imports into the US.
The decline in trade would be the equivalent of an annual hit to UK economic output of 0.8%.
The main UK sectors likely to be hit would be fishing, petroleum, and mining, which could see exports fall by around a fifth.