While Britain has received the lowest rate of tariffs the US has dished out, it’s still produced a 417 page document of potential US products to hit.
I suspect it will be used as a negotiating chip. Britain has the best of both worlds here, we can negotiate with the Washington, but then the EU is our biggest trade partner and long term we might undo some of the Brexit pains standing by Europe. And of course we know China and Russia would love to buy our steel produce if the yanks don’t.
It’s not perfect but the pound has only seen recoverable loses today and we have options. We’re probably the only affected country not shitting ourselves.
Some commentators from the US who have been on the radio today have been encouraging firm retaliation standing up to Trump. One school of thought is that, as a bully, he does not listen to anyone people he thinks is weak so it's best to be prepared to hit back hard. My inclination is to agree with them.
@FreddieUK I agree. Give it a shot. What have you got to lose? Oh yeah...exports. Not a big deal. You're at 10%. And that is the same amount the UK has been charging the US. Seems fair to me.
That lower tariff is with all probability by design. The plan is to break Europe apart and they're targeting the open fracture caused by Brexit as the point where they'll stick the crowbar
Paint me unsurprised if Reform starts spinning it like «look, had we been in the EU we'd have a 20% tariff now!»
@ElwoodBlues It seems that the strange algorithm employed to calculate the tariffs can't go below 10% (probably to make the maths easier for Trump's "economists"), so this is the baseline for many countries . . including the Heard and McDonald Isles, an archipelago lying 2,485 miles south-west of Australia and inhabited solely by penguins 🐧
@ElwoodBlues Free trade doesn't involve one partner w higher tariffs vs the other .. if the other markets have any sense things will get renegotiated and a more fair and balanced outcome achieved