Treasury minister Darren Jones expressed disappointment over the impact of Donald Trump’s new tariffs, declaring that the era of globalisation has come to an end. The UK, along with other nations, faced a 10% import duty, prompting ongoing negotiations for a trade deal to alleviate the tariffs. Despite this, Conservative leader Kemi Badenoch emphasized the UK’s strong trading relationships with other countries, dismissing the notion that globalisation has ceased.
Following Trump’s imposition of sweeping import taxes, concerns have been raised about a potential global recession due to retaliatory measures by countries like China and Canada. Prime Minister Sir Keir Starmer vowed to protect Britain’s national interest through state intervention and industrial policy, acknowledging the shifting landscape of the global economy. During an interview, Jones confirmed the end of traditional globalisation, stressing the need to fortify alliances globally and invest in the UK’s economy.
Amid discussions of accelerating elements of the spending review and industrial strategy, Jones highlighted Labour’s long-standing work on these policies. The Liberal Democrats urged for parliamentary oversight on any trade deals with Trump to safeguard British interests, particularly in areas such as agriculture and online regulations. Both the Labour and Conservative parties emphasized their commitments to protecting key sectors and upholding standards amidst trade negotiations with the US.
As discussions around a UK-US trade deal resurface, political leaders echoed the importance of removing tariffs to support businesses and prevent economic disruption. Badenoch called for a continuation of negotiations based on the progress made during previous rounds, emphasizing the detrimental impact of prolonged trade disputes on the economy. Despite differing views on the future of globalisation, political parties aimed to navigate the evolving economic landscape while safeguarding national interests and industry standards
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