The UK's economic landscape is facing turbulence due to President Trump's impending "Liberation Day" tariffs, which are likely to exert recessionary pressure on the country. The FTSE 100 and other European markets fell significantly as investors digest the uncertainty. Susannah Streeter from Hargreaves Lansdown highlighted the heightened investor interest in gold amid fears of economic instability. While Downing Street is exploring a potential exemption deal with the US, officials confirmed that negotiations would continue after the tariffs are imposed. The government's strategy focuses on prioritizing the national interest amidst these challenges.
Downtown Street said they were hoping there could have been a "UK-US economic prosperity deal" that would exempt British items from tariffs.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, cautioned "the last day of March is spring-loaded with uncertainty" amid Trump's tariffs.
The Prime Minister's official spokesman has admitted Donald Trump's "Liberation Day" tariffs could push the UK into a recession.
Sir Keirs Starmer's spokesman said, "When it comes to tariffs, the Prime Minister has been clear he will always act in the national interest."
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