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Trump's tariffs 'doomsday scenario' for UK economy
The Independent
|November 12, 2024
Donald Trump’s plans to impose huge tariffs on imports are a “doomsday scenario” for the UK economy, a senior Labour figure has warned.
The move would hurt growth and lead to higher inflation and interest rates, Liam Byrne, the Labour chair of the Commons business committee predicted. Experts have warned of a looming trade war after Mr Trump himself said: “Tariff is my favourite word.”
In the run-up to the election, the Republican promised to implement 10 to 20 per cent tariffs on all goods coming into the country, a figure that rises to 60 per cent for those from China. Already there have been warnings the change could halve UK economic growth from the National Institute of Economic and Social Research think tank.
Mr Byrne told the BBC’s
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