The potential imposition of import tariffs up to 24% by the US on the UK is causing concerns as the Trump administration contemplates adding VAT rates alongside existing tariffs. According to consultancy Capital Economics, this approach could lead to significant price increases for US consumers, driving inflation temporarily up to 4%. Countries such as India and Brazil would face the steepest tariffs, while some nations like Singapore and Taiwan could benefit from lower rates. This development signals a complicated trade landscape moving forward.
The UK could face import tariffs up to 24% due to potential US VAT rates on top of tariffs, warning from Capital Economics indicates severe implications.
If the US enacts VAT-inclusive tariffs, India and Brazil would face the highest rates, while countries like Singapore, Taiwan, and Korea would benefit.
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