Capital Economy, Business and Finance
Keir Starmer will bring forward elements of the UK’s industrial strategy and ease regulation on electric car manufacturers in an attempt to support business in the wake of Trump’s trade war.
In an op-ed on Sunday, the prime minister argued that the “world as we knew it has gone”, “globalisation has failed” and that Britain shouldn’t shy away from state intervention.
He seems to be grasping the magnitude of the moment. Jaguar Land Rover is pausing shipments of cars to the US for a month as it faces up to Trump’s 25 per cent tariff on auto imports.
Nintendo delayed pre-orders of its new Switch console, while Shein and Klarna delayed plans to list on the stock market.
JP Morgan warned there is now a 60 per cent chance of a global recession.
More than 50 countries have entered talks with the US over securing concessions but the US commerce secretary, Howard Lutnick, told CBS that steeper tariffs for the “worst offenders”, due on 9 April, will not be postponed.
Photo credit: KIN CHEUNG/POOL/AFP via Getty Images
