The recent tariffs imposed by the US President have led to a steep decline in global stock markets, wiping trillions of dollars in value. UK's Shadow Chancellor Mel Stride noted the FTSE 100 Index fell 3.5% after opening, with major banks like NatWest and HSBC facing severe losses. This economic turmoil reflects broader international trading concerns and fears of retaliatory tariffs from other nations. Stride emphasized the urgent need for a trade deal with the United States to mitigate the negative impact on jobs, prices, and overall market confidence.
You're seeing trillions of dollars now wiped off markets worldwide. It's been a little bit less severe actually in the UK than it has in the United States and other European countries, particularly Germany.
This is what happens when you come forward and slap huge tariffs on trade. Of course, there is a lot of uncertainty now about how other parts of the world are going to react to that in terms of retaliatory tariffs as well.
So yes, a very worrying time. It's a worrying time for jobs. It's a worrying time for consumers and prices going up and increasing pressures on employment and an upward pressure on unemployment for us.
...we've really got to get this deal done now with the United States.
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