TRUMP SAYS BRITAIN HAPPY ABOUT U.S. TARIFF TREATMENT – Britain hit with the lowest import duty rate of 10%
U.S. President Donald Trump has said Britain is “happy” about the U.S. tariff treatment.
Britain said it believed a trade deal with the United States was close as it sought to soften the impact of Trump’s sweeping tariffs which threaten an escalating global trade war that would hurt its open economy.
Britain was spared the most punitive treatment in Trump’s tariff announcement on Wednesday, April 2nd, when it was hit with the lowest import duty rate of 10%.
London said that decision vindicated its approach of trying to strike a new economic partnership with the U.S., rather than meeting fire with fire. It also reflected the relatively balanced trade flows between the two countries on goods.
But Britain’s economy, which has been sluggish largely since the 2007-08 global financial crisis, is vulnerable to a global economic slowdown. Weaker growth could force the government to cut spending or increase taxes to meet its own fiscal rules.
