Era of globalisation ‘at an end’, says UK minister, as countries mull tariff responses – live updates
Darren Jones says age of ‘fast-fashion or cheap TVs’ is over and people should be prepared for tougher times to come amid market turmoilStarmer orders economic reset amid Trump’s tariff mayhemDarren Jones, chief secretary to the Treasury, was also interviewed by Sky News’ Trevor Phillips this morning. He said the UK had been “treated differently to the European Union” as a result of Brexit. As a reminder, Trump has imposed a 10% tariff on UK goods but a 20% tariff on EU goods.Asked if the lower 10% tariff imposed by the US was a “Brexit dividend”, the chief secretary to the Treasury said:It is, there’s one. I’ve struggled to find one in the past but there is one we’ve ended up with.It’s good, but what we’re not going to do is pick or trade off the United States or the European Union.People should be prepared for things to be tougher in the global economy.Globalisation has “come to an end” in the wake of the new tariffs. Asked if the era of “cheap fast-fashion or cheap TVs” was over, Jones said: “Yeah, it’s ended. Globalisation, as we’ve known it for the last number of decades, has come to an end.”It is in the best interest of the British economy and workers to “get trade deals across the line”.Jones said the government thinks a deal with Trump on tariffs can be reached, with talks ongoing. “We’re hoping to do a deal,” Jones said, adding that “we have a better outcome than other comparable countries as a consequence of our diplomacy”. Continue reading...
Darren Jones says age of ‘fast-fashion or cheap TVs’ is over and people should be prepared for tougher times to come amid market turmoil
Starmer orders economic reset amid Trump’s tariff mayhem
Darren Jones, chief secretary to the Treasury, was also interviewed by Sky News’ Trevor Phillips this morning. He said the UK had been “treated differently to the European Union” as a result of Brexit. As a reminder, Trump has imposed a 10% tariff on UK goods but a 20% tariff on EU goods.
Asked if the lower 10% tariff imposed by the US was a “Brexit dividend”, the chief secretary to the Treasury said:
It is, there’s one. I’ve struggled to find one in the past but there is one we’ve ended up with.
It’s good, but what we’re not going to do is pick or trade off the United States or the European Union.
People should be prepared for things to be tougher in the global economy.
Globalisation has “come to an end” in the wake of the new tariffs. Asked if the era of “cheap fast-fashion or cheap TVs” was over, Jones said: “Yeah, it’s ended. Globalisation, as we’ve known it for the last number of decades, has come to an end.”
It is in the best interest of the British economy and workers to “get trade deals across the line”.
Jones said the government thinks a deal with Trump on tariffs can be reached, with talks ongoing. “We’re hoping to do a deal,” Jones said, adding that “we have a better outcome than other comparable countries as a consequence of our diplomacy”. Continue reading...
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