Former Chancellor Jeremy Hunt has advised Keir Starmer against retaliating if Donald Trump imposes trade tariffs on the UK, emphasizing that the country lacks the economic leverage to engage effectively in a trade war. Hunt noted that UK goods exports represent less than 0.5% of US GDP, indicating a significant imbalance. He argued that the UK has historically thrived on free trade and warned that participating in trade wars could negatively impact British manufacturers and inflation.
We should be very realistic, we don't have any leverage when it comes to that.
A trade war is bad for British manufacturers who use a lot of imported materials and it's bad for inflation.
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