Bloomberg Daybreak: Europe Edition Update: Trump Touts 20% Levy, Europe Is 'Losing', UK GDP Drops Again
Jul 11, 2025
Dan Hansen, Chief UK economist, dives into pressing economic issues faced by the UK. He discusses President Trump's proposed tariffs and their potential effects on global trade and UK markets. Hansen highlights the UK’s continuing GDP contraction and the challenges posed by Brexit and rising interest rates. The conversation sheds light on how these factors impact growth and productivity, reflecting on the government's attempts to stabilize the economy amidst a turbulent landscape.
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Trump Eyes Higher Global Tariffs
- US President Donald Trump plans to raise blanket tariffs to 15-20% on most trading partners, significantly above the current 10%.
- This move marks a major shift in global trade policy with uncertain long-term impact.
Dimon Warns Europe Is Losing
- Jamie Dimon warns the EU is losing competitiveness to the US and China due to sluggish growth and internal market inefficiencies.
- He suggests building a more effective internal market is crucial to reversing Europe's economic decline.
UK Economy Shrinks Again
- The UK economy shrank for a second consecutive month, signaling risk of contraction in Q2 amid tariff effects and tax hikes.
- Market expectations suggest the Bank of England may cut interest rates soon to stimulate growth.