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So much for the UK "Special relationship" with the USA
TOPIC: So much for the UK "Special relationship" with the USA
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Re:So much for the UK "Special relationship" with the USA 3 Weeks, 6 Days ago
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The truth about Trump’s tariffs and the ‘Brexit dividend’
Within minutes of Donald Trump’s announcement on so-called “reciprocal tariffs” around the world, Brexiteers were claiming victory because the UK escaped with half the rate imposed on the EU.
But if the UK’s 10 per cent import tariffs to the American market compared to the EU’s 20 per cent, is the best economic justification for Brexit that can be made, then supporters of leaving the EU are clutching at straws.
The first and most obvious point is that Brexit has not spared the UK from having tariffs imposed on it by the one world leader who was the biggest cheerleader outside Britain for the UK leaving the EU.
Britain is yet to benefit from the “Brexit dividend” - the economic gain that was promised when it left the EU. And far from the trade deal that Brexiteers promised would follow with the US, there is still none in place nine years after the referendum. Even if Keir Starmer lands one, it is likely to be highly focussed on specific areas and may not avoid tariffs altogether.
Even Tory Brexit supporter Mark Wallace, now chief executive of the Total Politics magazine, cautioned his fellow Leavers from “cheering” tariffs this morning, even if 10 per cent is better than 20 per cent.
Even with half the rate of tariffs compared with those imposed on the EU, the difference barely goes anywhere near undoing the economic harm that Brexit has done to the UK economy.
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