During Donald Trump's announcement of new global tariffs, UK officials were relieved to find that the imposed tariff on the UK was set at 10%, rather than the feared 20%. This outcome was perceived as a recognition of diplomatic efforts, particularly by UK leader Keir Starmer, who directly challenged harsher tariff considerations. The government's sources indicated that maintaining strong relations with the US likely mitigated what could have been far more damaging tariff rates, potentially impacting the UK GDP by as much as 1% if conditions were less favorable.
In a moment of surprise, the UK faced a 10% tariff from the US, lower than initial fears of a 20% rate, prompting relief among officials.
Reynolds and his team observed Trump's announcement with a shared concern, aware that the tariff decisions could significantly impact the UK economy and trade relationships.
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