Mr Trump’s first term in office saw him clash with China, which had growth impacts across the world’s more advanced economies. But this time around, there is the possibility of a renewed global trade war on an even bigger scale following increasingly protectionist rhetoric on the campaign trail.
How could tariffs impact the UK?
As well as being the world’s largest economy, the US is the UK’s largest export market for goods and services. If the presidentelect were to impose 10 per cent tariffs on all goods imported from the UK, it’s very likely this would negatively impact economic growth.
New analysis from the University of Sussex’s Centre for Inclusive Trade Policy calculated Britain could face a £22bn hit to its exports if a blanket 20 per cent tariff was imposed on all imports into the US, with UK exports to the world falling by more than 2.6 per cent.
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