Following US President Donald Trump’s hardline tariffs and ‘America First’ measures, British Prime Minister Keir Starmer is reportedly all set to declare an end of the era of globalisation. Starmer will address the nation today and declare that globalisation, which started after the fall of the Soviet Union in 1991, has ‘failed’ millions of voters as Trump’s 10% “baseline" tariffs – that hit the United Kingdom on April 2, pushed the global markets into shadows of uncertainty.
Starmer is also expected to acknowledge Trump’s “economic nationalism". A senior UK official has been reported to have cited that the Starmer government does not agree with Trump’s latest measures. However, they also admit that this is the beginning of a new era, in which several are in support of Trump’s methods.
Trump Tariffs Impact
On April 2, Trump declared the ‘Liberation Day’ and rolled out “discounted reciprocal tariffs" on countries that impose higher duties on the US imports, and added a baseline of 10% on all nations.
“To all of the foreign presidents, prime ministers, kings, queens, ambassadors and everyone else who will soon be calling to ask for exemptions from these tariffs, I say, ‘Terminate your own tariffs, drop your barriers’," Trump had said.
Trade War Impact
“We don’t believe trade wars are the answer. This is a chance to show that there’s a different path," the report quoted the British PM as saying.
As Trump works to lower trade barriers, Starmer has reportedly said that this will lead to increased global competition, and in response, the countries will be forced to improve their own productivity and boost local production through economic reforms.
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