In case you missed it (lucky you), the Donald Trump clown show was back in town last night.
It was less economic policy and more circus cannon – firing tariffs at anything that moves.
The former showman turned president has brought his signature chaos roaring into a second term – it’s hard to believe it’s been less than 100 days – turning global trade into a spectacle.
Vital economic relationships across the world have become a sideshow – and the UK is in the splash zone. But while the centre ring is loud and brash, the fallout is deadly serious – especially for Britain.
Trump has slapped a 25% tariff on all cars entering the US and blanket tariffs on countries across the world.
The UK’s rate is 10%, with the EU charge being 20%.
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Most countries – like Australia, New Zealand, Ukraine, and Europe – face a minimum of 10%.
Vietnam, which makes a number of everyday products, including clothing, has been hit with a whopping 46% tariff, so it won’t take long for the impact to be felt in the USA, and abroad.
Certain products from China will be charged at a rate of 54%, while even American allies in the region, like Japan and South Korea, will face tariffs of 24 and 25% respectively.
From Trump, it is a truly all-out global assault on trade.
Curiously, Russia was one of the only countries exempt. Make of that what you will.
Ukraine, for reference, will pay the same 10% rate as the UK.
For the Prime Minister and Chancellor, it’s a nightmare. The almost £10bn wiggle room Rachel Reeves outlined just last week in her punishing Spring Statement seems to have been wiped away with a single theatrical stroke of a presidential pen.
Despite Keir Starmer and his minister trying to put a brave face on things, let’s be honest here – it could barely be worse for the UK.
The EU may have been hit with a bigger tariff rate, but they can present a united front, and negotiate (or retaliate) as a powerful bloc.
Without that muscle behind us and no US trade deal in sight, we’re left completely exposed – caught in a storm of our own making. The UK’s inability to act as part of the EU bloc, choosing instead to try and effectively beg for a reprieve, leaves us economically and diplomatically stranded.
This is the post-Brexit reality: A nation told it would ‘take back control’ now watches helplessly as global superpowers redraw the rules of trade without it.
The dream of a bespoke, fast-tracked US–UK trade deal, touted by the likes of Nigel Farage, was always more slogan than strategy. Trump has made clear that America First means everyone else last – including us.
Meanwhile, some of the poorest, most vulnerable and crisis-ridden countries face the steepest penalties. Myanmar, where half the population lives below the poverty line, faces a 44% tax hike.
During his first term, Trump’s tariffs hit key British exports like whisky and cashmere. That was with an EU buffer.
Now, Britain stands alone – and this time, the stakes are even higher.
Sectors like automotive, agriculture, and steel now face decimation.
Brexit was estimated to have cost the UK £1 million an hour in lost trade in 2022 alone. Now, Trump’s tariffs, as well as other grim economic factors, lookset to pile on another £400 per family.
It’s a double blow: Weaker growth, higher prices, and less money for the NHS, schools, and public services.
As usual, working families will pay the price.
Meanwhile, the fantasy that this is some ‘Brexit win’, talked up today not only by the usual anti-EU voices, but, incredibly, by UK ministers, because we got better than the 20% facing the EU is beyond delusional.
We trade far more with Europe than with the US, and our trade with the latter is already balanced.
So now we’re stuck between the two, with no good options. We’ve sacrificed our biggest market by leaving the EU – and now Trump is going after what’s left. You don’t win a race by being the last car to join a pile-up.
Britain’s options now are limited. The US under Trump is transactional.
Sentimentality about the Special Relationship doesn’t feature in his worldview. His regime is proudly built on ‘what have you done for me lately?’
What is your take on Trump’s tariff policy?
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Effective economic strategy
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Disastrous for global trade
The idea that Britain could somehow leverage its historical ties to Washington, or even Trump’s family history in Scotland, into better trade terms has been exposed as nostalgia dressed up as policy.
And our European relationships – while buoyed by our leadership on Ukraine – are not all that much better.
What’s needed is a hard reset across all of our international relationships: A foreign and trade policy rooted in realism, not rhetoric.
Trump’s tariffs aren’t just a test of global economics.
They’re a brutal reminder of Britain’s post-Brexit fragility. If the UK wants to regain real influence on the world stage, it must first come to terms with the truth: Sovereignty means nothing if you have no power to wield it.
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