The move would hurt growth and lead to higher inflation and interest rates, Liam Byrne, the Labour chair of the Commons business committee predicted. Experts have warned of a looming trade war after Mr Trump himself said: “Tariff is my favourite word.”
In the run-up to the election, the Republican promised to implement 10 to 20 per cent tariffs on all goods coming into the country, a figure that rises to 60 per cent for those from China. Already there have been warnings the change could halve UK economic growth from the National Institute of Economic and Social Research think tank.
This story is from the November 12, 2024 edition of The Independent.
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This story is from the November 12, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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NAMITA SINGH ALEXANDER BUTLER
