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What could a US-UK trade deal look like?
Apr 9, 2025
Shanker Singham, CEO of Competere and former trade advisor to the UK government, dives into the shifting landscape of global trade. He discusses the impact of the latest US tariffs on China and the EU, leading to potential changes for UK trade negotiations. The conversation touches on the challenges British industries face amidst these tariffs and the strategic advantages that can arise from Brexit. Singham also ponders the urgent need for a UK-US trade deal, particularly in light of prevalent economic uncertainties.
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Quick takeaways
- The recent 102% tariff on China and 20% on the EU exemplify a radical shift in U.S. trade policy, creating global market instability.
- The UK government is considering nationalizing the steel industry and negotiating a favorable US trade deal to counter economic pressures from new tariffs.
Deep dives
Impact of Tariffs on Global Trade
The recent imposition of substantial tariffs by the U.S., including a staggering 102% on China, marks a significant shift in the landscape of global trade and has caused market instability. These tariffs can be categorized into three main types: those imposed for non-trade reasons, general revenue tariffs, and unfair trade tariffs resulting from longstanding grievances. The administration perceives that previous attempts to resolve trade discrepancies have failed, prompting the need for a more aggressive approach to counter unfair practices. If these new tariffs lead to cooperative negotiations and a reduction in trade distortions among countries, it could result in a more competitive and open global market.
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