By GB News (Politics) | Created at 2025-04-02 06:58:56 | Updated at 2025-04-03 08:14:06
1 day ago
Sir Keir Starmer has scrambled together a package of economic concessions as the Prime Minister looks to persuade Donald Trump to spare the UK from his imminent trade war.
Trump is just hours away from introducing his so-called "Liberation Day" tariffs in a move which will leave markets reeling and consumers taking a significant hit.
Despite accepting a deal will not happen, the Prime Minister is now looking to show the White House that the UK is willing to give up ground.
No10 put future technologies on the table by suggesting the UK could ease or scrap its Digital Services Tax for US tech giants.
Downing Street also appeared to concede ground on tariffs currently imposed on American exports of chicken, beef and other meats.
The National Farmers' Union is warning Starmer against buckling to Washington on agriculture.
NFU president Tom Bradshaw told The Telegraph: “If we’re giving up access to our market, then it needs to be reciprocal. If it’s a one-way deal, that is something the industry will have a problem with.”
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After making crippling cuts to Britain's ballooning benefit system to boost the economy, the Chancellor is now preparing for the US President to impose his much-awaited tariffs.
Experts have warned that the speculated tariffs could even eliminate the headroom that Reeves boasted in her Spring Statement last Wednesday.
The Office for Budget Responsibility's (OBR) Professor David Miles told MPs: "If tariffs at 20, 25 per cent were put on the UK and maintained for five years, our assessment of what that does is that it will knock out all the headroom that the Government currently has."
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Donald Trump's imminent trade war has sent global stock markets stuttering ahead of his controversial tariff plans later today.
The White House confirmed yesterday the President will impose new tariffs, however it did not provide details about the size and scope of the fees on what he has called "Liberation Day."
Asian stocks struggled for direction, with Japan's Nikkei last up 0.25 per cent after hitting its lowest level since September earlier in the session. South Korea's benchmark index was down 0.6 per cent.
The Hang Seng Index in Hong Kong dropped 0.8 per cent. In mainland China, the CSI 300 Index declined 0.1 per cent.
