In response to Trump's 10% tariffs on the UK, Reform UK leader Nigel Farage highlighted Brexit's benefits, asserting it saves the UK from higher tariffs imposed on EU members. He criticized the Tory government for delays in a trade deal. Conversely, the Confederation of British Industry emphasized the negative impact of trade conflicts, stating that no one wins in a trade war. CBI CEO Rain Newton-Smith called for a calm governmental response to avoid worsening supply chain issues. Shadow Business Secretary Andrew Griffith pointed out that Brexit freedoms have mitigated some tariff impacts, presenting a 'Brexit dividend' for British jobs.
Ten per cent tariffs from the USA are bad news, but better than 20 per cent for EU members. If the Tory Government had delivered quickly on Brexit we would have had a free trade deal years ago. This deal is still achievable.
US tariffs are disappointing news which will worry working families across the country. But our Brexit freedoms have saved us from the worst. The silver lining is that Brexit means we face far lower tariffs than the EU.
Business has been clear: there are no winners in a trade war. Today's announcements are deeply troubling for businesses and will have significant ramifications around the world.
The UK must use this unpredictable period to double down on its commitment to free, fair and open trade. Doing so will provide businesses with the confidence needed to kickstart growth.
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