In light of recent tariff changes by President Trump, UK Treasury Secretary Darren Jones stated that the era of globalisation has effectively come to an end. With a new 10% import duty affecting several nations, including the UK, there are calls for the government to intervene and protect domestic firms. While some, like Conservative leader Kemi Badenoch, disagree, Jones insists on the need to build international relationships and bolster the UK economy. Anticipated announcements on economic strategies indicate significant shifts in trade policy as the country navigates these new challenges.
"Globalisation as we've known it for the last couple of decades has come to an end," said Chief Secretary to the Treasury Darren Jones. In a BBC interview, he elaborated that the impact of Donald Trump's tariffs has fundamentally changed the trade landscape, compelling countries like the UK to rethink their economic strategies and alliances.
Jones emphasized that the UK must "build out" relationships with global allies and invest in its own economy moving forward. Despite the turmoil brought on by tariffs, he stressed that the approach is not about "scrabbling" for solutions, but rather strategically reassessing economic engagement.
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