Trump's tariff circus is back in town
Ever since Donald Trump arrived in the White House, British government ministers have done their utmost to rein in their previously stated antipathy towards the US president. Their aim has been to seek a good deal for Britain in the trade war started by Washington by eschewing any outright criticism of the administration's America First protectionism.
Unlike other leaders, notably Mark Carney in Canada and Emmanuel Macron in France, Sir Keir Starmer has resisted joining a chorus of anti-Trumpism and has even been praised by the president for his dogged fight on behalf of UK interests. There has been talk of an early trade deal between the two countries.
So Mr Trump's latest announcement of a 100 per cent tariff on foreign made films entering the US will come as a blow. The film industry is worth £1.4 billion to our economy and employs more than 195,000 people. Hollywood giants – including Netflix and Warner Bros – have all invested heavily in the UK in recent years. Mr Trump says they are given unfair state subsidies and should be taxed but tariffs could severely damage the industry.
New analysis also shows that Britain faces a higher effective US tariff rate than the EU – 11.6 per cent on average compared with 9.5 per cent – because many UK exports are subject to sector-specific levies above the 10 per cent base imposed on everyone. The 25 per cent tariffs on cars is particularly costly to Britain as they are our largest single export to the US. By contrast, a larger share of the EU's exports are shielded by exemptions for pharmaceutical exports.
These figures show the importance of securing some sort of trade agreement with Washington as soon as possible. But even if we do, will the American president honour it?
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