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President trade war fear sparks stock loss. Starmer: UK can be a friend to US and EU

- BY LIZZY BUCHAN and GRAHAM HISCOTT

KEIR Starmer insists he can keep both Donald Trump and the EU onside as fears mount over a global trade war.

The US president's threats of trade tariffs on Canada, Mexico and China wiped more than £1trillion off global stock markets at one point yesterday.

Starmer said Britain will not pick between allies when asked if he would water down his charm offensive with European leaders to keep Washington onside.

He said: "It's really important that we work with both and we don't see it as an either-or."

Trump signalled the EU could be next to be hit by tariffs. But he suggested a deal could be done to protect the UK from punitive tariffs after "very nice" talks with Starmer.

Economists believe Trump's trade war will harm consumers in the targeted countries as well as in the US as importers are likely to pass these costs on to the consumer through higher prices.