Trump’s trade war: trouble ahead for Britain
Political Fix
Financial Times
4.2 • 1.2K Ratings
🗓️ 4 April 2025
⏱️ 39 minutes
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Summary
Donald Trump has shaken up the global economy with his seismic new tariffs this week. UK exports to the US will now face a 10 per cent levy – less than many other countries, but still a major headache for Britain’s fragile economy. Host Lucy Fisher and FT colleagues Robert Shrimsley, Jim Pickard and Peter Foster examine the pain this could inflict at home, and what Sir Keir Starmer can – and should – do in response. Plus, ministers have unleashed a raft of policies aimed at longer-term growth, including the expansion of Luton airport. Are these headline-grabbing gimmicks or sensible tactics?
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Presented by Lucy Fisher. Produced by Lulu Smyth, with help from Fiona Symon. The executive producer is Manuela Saragosa. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley.
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Transcript
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| 0:00.0 | Welcome to Political Fix from the Financial Times with me, Lucy Fisher. Donald Trump has shaken up the global economy with his seismic new tariffs schedule. |
| 0:11.0 | UK imports to the US will face a 10% levy, less than many other countries, but still a headache for Britain's fragile economy. |
| 0:20.0 | We'll discuss what Kirstama can and should do in response. |
| 0:24.1 | Plus, ministers have wheeled out a raft of policies aimed at longer-term growth this week, |
| 0:28.6 | including the expansion of Luton Airport. |
| 0:31.1 | Are these headline-grabbing gimmicks or sensible tactics? |
| 0:34.8 | Well, with me to discuss it all are my colleagues Robert Shimsley. |
| 0:38.2 | Hi, Robert. Hello, Lucy. And Jim Picard. Hi, Jim. Well, with me to discuss it all are my colleagues Robert Shimsley. Hi, Robert. |
| 0:44.1 | Hello, Lucy. And Jim Picard. Hi, Jim. Hi, Lucy. Plus the FT's public policy editor, Pete Foster. |
| 0:52.5 | Hi, Peter. Hi, Lucy. So let's kick off with so-called Liberation Day that came on Wednesday, which we've been waiting for for some weeks now. |
| 0:55.9 | Peter, you are the expert on all things trade and tariffs. |
| 1:00.2 | So is it fair to say the UK got off lightly with this 10% universal baseline rate? |
| 1:06.9 | Has Keir-Star must have earned that? |
| 1:08.6 | Or is it just the bog standard deal that Britain was always going to get? |
| 1:12.0 | It's a bit of both, right? |
| 1:13.0 | So if you look at the way, the extraordinary way in which they calculated this, |
| 1:17.9 | they'd said they were going to add up how everyone's non-tariff barriers |
| 1:21.4 | were impacting people, VAT and carbon taxes and environment stuff. |
| 1:25.8 | But actually did none of that. |
| 1:26.9 | They did some really basic |
| 1:28.2 | GCSE maths where they took the size of your trade deficit. They divided it by the amount of goods |
| 1:33.8 | that you send to us. And then they came up with a number. And everybody got that number. |
... |
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