.png){kind=logo}
Chief Secretary to the Treasury Darren Jones has characterized the age ofglobalization as over" in the wake of Donald Trump's new tariffs.
It follows comments from Prime Minister Sir Keir Starmer who indicated Sunday Telegraph article He was preparing to declare state action aimed at safeguarding British companies from the measures imposed by the US president. The United Kingdom faced a baseline import tariff of 10%, along with several other countries. Talks to negotiate a trade agreement and decrease these duties remain ongoing.
"As we have understood globalization over the past few decades, it has reached its conclusion," Jones noted during the interview.
The conservative leader, Kemi Badenoch, did not agree that globalization has ended and highlighted "excellent" trade relations with various nations.
There are concerns about a worldwide economic downturn Following President Trump's declaration of "Liberation Day," he imposed extensive import tariffs which led to countermeasures from nations such as China and Canada.
During an appearance on BBC's 'Sunday' program hosted by Laura Kuenssberg, Jones was questioned about whether globalization – which has led to a surge in affordable fashion items, electronic devices, and various other goods being imported – had run its course.
"He mentioned that it has concluded, as the prime minister stated earlier today," he commented.
Jones stated that the shift required the UK to strengthen ties with global partners while also focusing on bolstering its domestic economy. He dismissed claims that ministers were frantically searching for answers.
As reports suggest that aspects of both the spending review and the industrial strategy might now undergo changes, moved up from their anticipated June When asked about the publication date, he mentioned that Labour had been developing the industrial strategy during their time as the opposition party.
When asked about their potential advancement, Jones avoided commitment by deferring to Sir Keir's upcoming statement in the next few days and chuckled when Laura Kuenssberg suggested, "That seems nearly like a yes, but you can’t confirm it for us right now."
The British government is sticking to its strategy of avoiding retaliatory tariffs, unlike other nations, and is instead opting for a "measured" stance concentrated on securing a trade agreement between the UK and the US.
Jones stated they are hopeful about closing a deal, and noted regarding tariffs that "our diplomatic efforts have resulted in a more favorable outcome compared to other similar nations."
The conservative leader Kemi Badenoch concurred that implementing retaliatory tariffs was not advisable as it would solely negatively impact the UK consumers.
Nevertheless, she informed Laura Kuenssberg that she didn’t concur globalization had run its course, asserting instead that what we were witnessing amounted merely to “fragmentation,” and emphasizing that “our trade relations remain robust with numerous other nations.”
Badenoch stated that the Labour government should take over the agreement that was made by former Prime Minister Boris Johnson. attempted to discuss terms with Trump Following his prior presidency, which concluded in 2020.
Ms Kuenssberg queried if the agreement was “ready-to-go,” as she had repeatedly stated, and Badenoch proposed that the government should “resume from where we stopped,” following ex-president Joe Biden. Biden's choice to abandon the agreement .
She stated that they held six negotiation sessions, during which certain decisions were reached and can now be continued.
"The most important thing is removing tariffs - the tariffs are going to be disruptive for our businesses...
That will create quite a disruption in the tax revenue that Chancellor Rachel Reeves anticipated incorporating into her budget.
We find ourselves in an even more difficult situation today due to Labour’s choices, and many individuals are facing hardships as a result.
Subscribe to our Politics Essentials newsletter To access leading political analyses, gain insights from various parts of the UK, and keep track of significant events, we will send it directly to your email each weekday.
- Starmer pledges to shield British companies from tariff 'tempest'
- The UK compiles a roster of American goods that might be subject to tariff increases.
- Trump has turned his back on the foundation of US economic might - the fallout will be messy
