Summary
President Donald Trump announced a 15% global tariff, which could significantly affect the UK because it had previously negotiated a 10% tariff deal with the US. While some global deals will remain unchanged, this new tariff will impact countries differently, benefiting some while disadvantaging others. The US Supreme Court had previously struck down most global tariffs, prompting this new announcement.
Key Facts
- President Trump announced a new 15% global tariff.
- The UK could be one of the hardest hit by this tariff since it had a previous 10% deal with the US.
- Global Trade Alert (GTA) reported countries like China and Brazil might benefit as they currently pay higher tariffs.
- The 15% global tariff does not affect specific-sector tariffs, such as those on steel and automobiles, which remain as agreed upon between the UK and US.
- The US Supreme Court had recently ruled against most of Trump's previous tariffs, leading to this new proposal.
- US trade representative Jamieson Greer confirmed that existing trade deals with allies would still stand.
- The British Chamber of Commerce expressed concern about the impact on the UK.
- These changes may lead to uncertainty for UK and global businesses.
