Concerns are rising about the implications of Donald Trump’s trade war on the UK economy, particularly with a 10% tariff recently imposed. Bank of England Governor Andrew Bailey emphasized the UK's vulnerability due to its open economy, necessitating caution regarding trade disruptions. He predicted that such fragmentation in the global economy would adversely affect growth. The IMF has downgraded the UK's growth forecast for the year, while government negotiations for a US trade deal are progressing slowly, with officials urging caution despite some positive market reactions to Trump's tariff comments.
The UK is vulnerable to a global trade war, and fragmenting the world economy will negatively impact our growth, warns the Bank of England's Andrew Bailey.
Despite a 10% tariff on UK goods, trade disruptions are expected to hinder economic growth, with fears mounting over Donald Trump's trade war effects.
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