Downing Street has commented on the recent tariffs imposed by President Trump, indicating a significant shift in global economics that may compel the UK to adapt its fiscal strategies. Following these developments, Prime Minister Starmer is expected to engage with European and Commonwealth leaders to formulate a robust response. Despite plans to enhance growth through regulatory reforms, experts caution that the anticipated economic downturn may result in higher taxes. Officials, including Foreign Secretary David Lammy, have criticized the US's move toward protectionism, a trend reminiscent of past economic isolationism.
Economists warn that the global economic slowdown will impact the UK significantly, possibly necessitating tax increases by the government to address a budget shortfall.
Following the announcement of tariffs by Trump, No 10 stated that this signifies a shift in the global economic landscape that the UK must navigate.
David Lammy expressed regret over the US's return to protectionism, highlighting a trend not seen for nearly a century in international trade.
Downing Street's spokesperson emphasized the prime minister's belief in overhauling the planning system and eliminating red tape to boost economic growth.
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