US President Donald Trump's 'Liberation Day' tariffs are feared to disrupt the world order. In response to the tariffs, countries are developing strategies and countermeasures to protect their economies.
The United States is the UK's single largest country trading partner. Ahead of the announcement of reciprocal tariffs by Trump, British Prime Minister Keir Starmer, while addressing the Bristish Parliament today, said, "A trade war is in nobody's interest."
Starmer told lawmakers his administration plans to take a “calm” and “pragmatic” approach in the face of the looming U.S. tariffs. "We're working hard on an economic deal, which we've made rapid progress on but look, the likelihood is there will be tariffs," Starmer told Sky News.
Keeping in mind the concerns of workers and businesses in Northern Ireland, he said: “Northern Ireland will be at the forefront of all our decisions."
Starmer added that Business Secretary Jonathan Reynolds spoke to the Northern Ireland Executive earlier today to reassure them, ahead of the expected plans by Trump.
"If the US can reach an agreement with anyone, I believe it can with the UK," he told Times Radio, citing work between the two nations during trade negotiations over recent weeks.
EU's plan for Trump tariff
The European Union has responded to Trump's previous tariff increases on steel and aluminum by imposing taxes on major U.S. imports, including Harley-Davidson motorcycles and bourbon. However, the retaliation has primarily targeted goods trade.
A European Commission spokesperson stated that the EU will retaliate against the new tariffs expected to be announced by the U.S., but only at the "appropriate moment."
Addressing reporters, Olof Gill mentioned that the EU is currently in a "waiting mode" but has already assessed the potential impact of the tariffs.
Gill outlined a two-step response plan. The first phase will address the existing tariffs on steel and aluminum, which are already under internal review. The second phase will cover additional measures and will be issued following the official U.S. announcement.
(With inputs from agency)
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