By GB News (Politics) | Created at 2025-04-02 06:58:56 | Updated at 2025-04-03 07:43:19
1 day ago
Donald Trump's tariffs look set to "knock out" the Labour Chancellor's fiscal buffer - less than one week after Rachel Reeves boasted a headroom of almost £10billion.
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.
Trump will announce a wave of trade taxes across the world tonight - as economic markets quiver in the face of their potential impact.
It has been claimed that the tariffs will be around 20 per cent on swathes of the £2.3trillion of imports each year.
After making crippling cuts to Britain's ballooning benefit system, she must prepare for the US President to impose his much-awaited tariffs
PA
The tariffs come after weeks of Trump and Vice President JD Vance have accused Europe of "free-loading" off of America "for decades".
Speaking to journalists at the White House, the US President hit out at the continent's leaders over spending in Ukraine last week, asking why "they are in for $100billion, and we're in for $350billion".
Now, White House press secretary Karoline Leavitt declared that the "historic" taxes signal "the days of America being ripped off are over".
"He is with his trade and tariff team right now, perfecting it to make sure this is a perfect deal for the American people and the American worker," she said.
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