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Nice one, Nigel: Trump tarrifs to half UK growth and push up prices

The Reform UK leader has proved himself to be a true patriot once again by pinning his colours to the mast of the latest political shift that will leave Brits worse off.

Jack Peat by Jack Peat
2024-11-06 10:02
in Economics
Jonathan Bachman/Getty Images

Jonathan Bachman/Getty Images

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Tariffs imposed by President-elect Donald Trump will lower UK economic growth and drive up prices, a leading thinktank warned ahead of the US election.

Donald Trump declared victory early on Wednesday morning (6/11) after securing 265 electoral votes and several key swing states.

The former president took the battleground states of North Carolina and Georgia and picked up the most prized possession of all the swing states – Pennsylvania – which was tipped to be among the closest in the opinion polls.

Trump has said he would impose a 10 per cent or 20 per cent tariff on all imports across the board in order to cut the amount of income tax Americans pay or do away with it altogether.

He has also floated tacking on a specifically high China rate of between 60 per cent and 100 per cent.

If he pressed ahead with the plans, UK growth could be halved while prices on consumer goods are likely to rise significantly, according to analysis by The National Institute of Economic and Social Research (NIESR).

“The UK is a small, open economy and would be one of the countries most affected,” NIESR economist Ahmet Kaya said.

The body has calculated that over two years the UK inflation rate would be 3-4 points higher while interest rates would be 2-3 points higher.

Kaya said the impact of the Trump measures would be more severe if the affected countries imposed tit-for-tat tariffs of their own as part of a global trade war.

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Trump's policy is to introduce huge 20% tariffs on foreign goods to "protect American factories and production".

America is our biggest export market so when that happens….

It's remarkable how right wing hatred of others is bigger than the damage they will do to their own pic.twitter.com/CgvHmzAeym

— Carol Vorderman (@carolvorders) November 6, 2024

Related: Did the ‘Bro Vote’ swing it for Trump?

Tags: donald trumpNigel Farage

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