The article discusses the potential economic impacts of Donald Trump's proposed tariffs on US imports, specifically their detrimental effects on the UK economy. According to Britain's top economists, such tariffs would stifle growth and leave Britons with less disposable income. The Bank of England's monetary policy committee has voiced these concerns, stating the implications of the tariffs are evident. As the UK government seeks to negotiate trade terms to avoid similar penalties as faced by Canada and China, tariffs on UK steel and aluminium are set to come into effect soon, exacerbating challenges for an already stagnant economy.
In a blow for the chancellor, members of the Bank of England's interest rate-setting committee said the implications of the US president's plans are fairly clear for economic growth.
Megan Greene, an external member of the monetary policy committee told MPs on Wednesday that tariffs would push down growth, affecting the British economy.
Collection
[
|
...
]