Bank of England Governor Andrew Bailey has raised concerns about the impact of US President Donald Trump's tariffs on the UK's economy, calling the risks "substantial." During a session with MPs, he noted a significant shift occurring in US trade policy, which must be taken seriously by the Bank. With Canada and Mexico facing 25% tariffs on imports, Bailey indicated that these trade restrictions could diminish growth opportunities, ultimately affecting the financial well-being of people in the UK.
"The risks to the UK economy and the world economy are substantial," he added, "Trade supports growth."
Bailey told MPs there is a "major shift going on in the US" and the Bank of England will have to take this "very seriously."
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