"The UK is set to be among the countries worst hit if US President Donald Trump's 15% global tariff goes ahead, analysis has suggested. The British Chamber of Commerce told the BBC the UK would "sit towards the bottom of league table" of trade partners if Trump's announcement came into effect on Tuesday. On Friday, the US Supreme Court outlawed most of the global tariffs that Trump had announced last year, saying the president had overstepped his powers."
"This 15% levy does not affect tariffs the UK and US had agreed on specific sectors, such as steel, aluminium, pharmaceuticals, automobiles and aerospace, which represent most of the UK's trade with the US. The British Chamber of Commerce's president, Andy Haldane, told the BBC: "The perversity of what happened of the weekend was that those who got good deals, the allies, have been most disadvantaged.""
"However, on Sunday, US trade representative Jamieson Greer said trade deals allies had negotiated still stood. He told CBS that he had spoken to the EU and other countries over the weekend. "The deals were not premised on whether or not the emergency tariff litigation would rise or fall," he said. "These deals are going to be good deals. We expect to stand by them. We expect our partners to stand by them.""
The UK would be one of the countries most negatively affected if the US implements a proposed 15% global tariff. The US Supreme Court recently outlawed most of the global tariffs announced last year, ruling the president overstepped his powers, but that ruling does not alter sector-specific tariff deals. The 15% levy excludes agreed tariffs on steel, aluminium, pharmaceuticals, automobiles and aerospace, which account for most UK-US trade. Allies that secured bilateral deals could be relatively disadvantaged, while countries such as China and Brazil could benefit because the 15% charge would be lower than their current rates. US trade officials say existing deals remain in force.
Read at www.bbc.com
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