In his "Liberation Day" speech, Trump introduced a 10% tariff on the UK, significantly lower than the 20% on the EU. Economists expressed concern over the potential negative impact on the UK economy, with projections suggesting a possible 0.5-1% decrease in GDP due to trade disruptions. The tariffs could mark a pivotal point in Brexit negotiations, potentially providing the UK with a competitive advantage. Observers remarked on the surreal nature of the announcement, likening it to a chaotic game, as the Trump administration navigates ongoing trade tensions with the EU.
"A 10% hit could shave roughly 0.5-1% off GDP, depending on how much trade gets choked."
"This was an unbelievably surreal announcement, with Trump reading tariff levels like a cruise-ship bingo caller to a garden full of sycophants."
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