The UK government anticipates fresh tariffs from the US as Donald Trump prepares to announce new trade barriers. Despite previous hopes for exemptions, UK ministers are bracing for a significant impact that is expected to decrease the British economy by 1%. Trade discussions with the US continue, but the timeline for an economic prosperity deal looks protracted, with even favorable conditions potentially taking nearly a year. Senior officials express concern over the potential for tax increases and broader economic instability resulting from these tariffs.
Downing Street has admitted the UK will be hit by more tariffs when Donald Trump announces his latest round of trade barriers on Wednesday, and said it reserves the right to respond to protect the national interest.
Falconer warned Keir Starmer's plan for an economic prosperity deal with Washington could take as long as a year to come to fruition.
Starmer's official spokesperson said: "We've been actively preparing for all eventualities ahead of the expected announcements from President Trump this week, which [we] would expect the UK to be impacted by alongside other countries."
No 10 said officials would continue talks with the US as long as there's a chance to reach a deal after forecasters said a 20-percentage-point increase in tariffs on UK goods and services would cut the size of the British economy by 1%.
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