UK Prime Minister Sir Keir Starmer has proposed to use industrial policy as a means to protect British businesses from impending tariffs imposed by the US. In a piece for the Sunday Telegraph, he acknowledged the uncomfortable nature of state intervention in the market but emphasized the need for adaptability in rapidly changing global conditions. His government will prioritize plans to enhance domestic competitiveness to mitigate exposure to such international economic shocks, underscoring the seriousness of the situation as the UK faces increasing tariffs on goods like cars and steel.
"Some people may feel uncomfortable about this - the idea the state should intervene directly to shape the market has often been derided. But we simply cannot cling on to old sentiments when the world is turning this fast."
"This week we will turbocharge plans that will improve our domestic competitiveness, so we're less exposed to these kinds of global shocks. We stand ready to use industrial policy to help shelter British business from the storm."
"The announcement - and retaliatory tariffs from countries such as China - led to stocks plunging more than 5% amid fears of a global recession."
"Trump has said his intervention was aimed at encouraging US consumers to buy more American goods and boost the domestic economy."
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