Sir Keir Starmer is set to announce additional support for businesses following the implementation of Donald Trump’s 10% tariffs on Saturday, as confirmed by a senior minister speaking to Sky News.
Darren Jones, chief secretary to the Treasury, revealed on Sunday Morning With Trevor Phillips, “There will be further announcements from the prime minister this week regarding support for British businesses.”
Mr Jones emphasized Sir Keir’s dissatisfaction with the tariffs but stressed the importance of a composed response from the UK government.
He mentioned the prime minister’s viewpoint on globalisation in a recent article, expressing the need for enhanced support for British industry and the economy, in light of the prevailing circumstances.
Sir Keir has pledged to “shelter British business from the storm” and emphasized the necessity of adapting to the changing times.
Despite ongoing negotiations with the US, the UK was subjected to 10% tariffs on exports after failing to reach an agreement by the previous Wednesday. The EU and China faced even higher tariffs on their goods.
Mr Jones acknowledged the UK’s relatively favorable position due to the efforts of Sir Keir and the trade teams in engaging with the US prior to the tariff announcement.
Sir Keir hosted business leaders in Downing Street after the tariffs were announced. Pic: Simon Dawson/No 10 Downing Street
He reiterated the UK’s dislike for tariffs, despite Trump’s assertion that Sir Keir was content with the 10% rate compared to other countries.
The minister expressed confidence in securing favorable deals with both the US and the EU, attributing it as a “Brexit dividend” for the UK.
He affirmed the UK’s stance on maintaining stringent food standards, particularly rejecting the idea of allowing chlorinated chicken in the country.
While Sir Keir hinted at retaliatory tariffs, Mr Jones remained optimistic about reaching agreements with both trading partners.
Global markets fall
Following China’s imposition of 34% tariffs on US imports and the subsequent retaliatory actions, global markets experienced significant declines. The FTSE 100 index in the UK closed more than 7% lower on Friday, marking its worst trading day since the onset of the COVID pandemic and resulting in substantial market value losses worldwide.