FT News Briefing The EU’s trade plan for a potential second Trump term
Jul 30, 2024
Britain's new finance minister exposes a £22 billion fiscal gap, forcing tough choices ahead. Tensions rise as Venezuela's Maduro faces scrutiny over a disputed election. The EU is crafting a proactive trade strategy to address the implications of a potential second Trump term, focusing on the delicate U.S.-EU trade relations. Insights reveal the challenges of tariffs and the need for a roadmap amid shifting geopolitical landscapes. How will these developments affect global trade? Tune in for a lively analysis!
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UK Fiscal Hole
- The UK faces a £22 billion fiscal hole, blamed on the previous Conservative government's overspending.
- The new finance minister, Rachel Reeves, highlighted a £6.4 billion overspend on the asylum system as an example.
Addressing the Fiscal Hole
- Reeves plans to address the fiscal hole through spending cuts, like axing road schemes and the winter fuel payment for pensioners.
- She also hinted at future tax rises, potentially targeting higher earners.
Contested Election in Venezuela
- Venezuelan President Nicolás Maduro's claimed election win is contested, with polls predicting an opposition victory.
- International pressure mounts for vote breakdown transparency, while protests erupt.