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Labour have drawn up a “hit list” of US goods amid discussion of potential retaliatory tariffs.
While ministers still hope for an “economic deal” with the US to secure some exemption from the tariffs, with Sir Keir Starmer promising businesses that he would “fight for the best deal for Britain.”
An “indicative list” published by the Government showed products that could be targeted, including bourbon whiskey, motorcycles, guitars and jeans.
However, an immediate response is unlikely as Business Secretary Jonathan Reynolds told MPs he would hold a four-week consultation on retaliatory action.
Meanwhile, Foreign Secretary David Lammy told reporters in Brussels this morning: “We have been absolutely clear that all options are on the table as we ensure the national interests of the British people.”
Stock markets plummeted around the world as the FTSE 100 fell to a three-month low after the news that British exports to the US would face a blanket 10 per cent tariff.
In the US, the Dow Jones index suffered its worst day since 2020, falling almost four per cent as analysts at Barclays said there was a “high risk that the US economy enters a recession this year”. The Nikkei index in Tokyo lost 2.6 per cent early trading on Friday.
Thomas Pugh, economist at RSM UK, said he believed the tariffs would be “not far off” wiping out Chancellor Rachel Reeves’s fiscal headroom by the time she announces her second budget in the autumn, which could lead to more cuts.
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Lammy says Britons would be ‘very concerned’ over Trump tariffs
David Lammy with New Zealand’s Foreign Minister Winston Peters
Getty
David Lammy said he regretted the “return to protectionism” in the US and that Britons would be “very concerned” about how tariffs affect their finances.
The Foreign Secretary told reporters: “The United Kingdom, like France, is a great maritime nation. We are a nation that believes in open trade, and I regret the return to protectionism in the United States, something that we’ve not seen for nearly a century.
“As you know, we are consulting with business and industry. At this time, we are engaged in discussions with the United States to strike an economic agreement and an economic deal.
“And of course, we have been absolutely clear that all options are on the table as we ensure the national interests of the British people, who will be very concerned at this time about how this affects the bottom line for them and their economic welfare.
“We will put their national interest first, and it’s in their national interests to be negotiating with the United States an economic agreement at this time, but keeping all options on the table.”
Reform and Liberal Democrats take victories in by-elections
Reform UK and the Liberal Democrats saw overnight success in the three council by-elections.
Nigel Farage’s party won the Sutton South East seat on St Helens Council, taking it off the Lib Dems.
Meanwhile, Sir Ed Davey’s party took a pair of scalps from Labour on the Park seat on Lincoln Council and Cwmllynfell & Ystalyfera on the Neath Port Talbot council.
Greens call on Labour to take stance against Trump’s ‘divide and rule’
Co-leader of the Green Party of England and Wales Carla Denyer
Getty
The Greens have called on Labour to take a stance against Trump’s tariff plan and look towards the US and Canada for future trading.
Co-Leader, Carla Denyer MP, said: “We need to work together to oppose Trump’s divide-and-rule tactics.
“In the first instance, that means standing with partners like the EU and Canada who share our commitment to trade agreements rather than trade coercion.
“It’s a fantasy to believe that our long-term economic prosperity can be left in the hands of whether or not we are in Trump’s favour on any one given day.
“As such, we must prioritise securing a Customs Union agreement with the EU so that we regain the strength of being part of a larger bloc.”
James Murray says UK in ‘better position’ than other countries over tariff plans
James Murray said the Ukraine peace deal is a ‘remarkable breakthrough’GB News
A Treasury minister said the UK was “disappointed” with US tariffs when asked if Donald Trump was right to say Britain was “very happy” with its treatment.
Exchequer secretary to the Treasury James Murray said the UK was in a “better position” than other countries because it is on the lowest band of tariffs but would keep all options on the table.
“The Prime Minister set out his reaction yesterday when he met businesses,” Murray told Times Radio when asked whether Trump was right. “We’re disappointed at tariffs being imposed globally.”