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Trump’s reciprocal tariffs went live on April 2, shaking markets across the globe. UK PM Starmer will address the nation and speak about the issue, according to a report.
President Donald Trump with British Prime Minister Keir Starmer (Reuters Image)
British Prime Minister Keir Starmer is all set to declare an end of the era of globalisation following US President Donald Trump’s hardline reciprocal tariffs and ‘America First’ measures, according to a report.
Starmer will address the nation on Monday and declare that globalisation, which started after the fall of the Soviet Union in 1991, has led to disappointment to voters as Trump’s 10% “baseline” tariffs – that hit the United Kingdom on April 2, pushed the global markets into shadows of uncertainty, The Times reported.
Starmer is also expected to acknowledge Trump’s “economic nationalism”, according to the report.
The Times cited a senior UK official and reported 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.
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.
‘Globalisation Does Not Work’: British PM
Starmer said that globalisation “does not work for a lot of working people”.
“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.
Last month, HSBC chief Sir Mark Tucker made a similar statement on globalisation, stating that it “may have now run its course”.
Tucker had predicted that rising global tensions and Trump’s hardline trade policies could lead to the world dividing into smaller regional blocs with stronger internal trade ties, according to The Financial Times.
- Location :
London, United Kingdom (UK)
