Faisal Islam: The UK's Trump trade deal no longer looks world-beating
Summary
President Donald Trump has introduced new tariffs on many countries, including the UK and the EU, using the claim that some goods are made with forced labour. The EU has a stronger legal ban on forced labour in products, which gives it a better trade deal with the US compared to the UK. This situation puts the UK at a relative disadvantage in trading with the US after Brexit.Key Facts
- President Trump has imposed tariffs on many trade partners, recently using forced labour concerns as a reason.
- These tariffs affect goods like footwear and textiles from the UK and the EU.
- The EU has passed a ban on forced labour goods, improving its trade position with the US.
- The UK has not passed a similar ban and faces higher effective tariffs on some goods.
- The UK government has made side deals on medicines, steel, aluminum, cars, and whisky to soften tariff impacts.
- The UK's total trade tariff rate with the US may be higher than the EU’s after these changes.
- The US is targeting China’s Xinjiang province with these forced labour rules, affecting global trade politics.
- The UK is balancing its trade relations with China while considering how to address forced labour issues.
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