EGN NEWS DESK
After the primary Trump administration slapped metal and aluminum tariffs on the EU in 2018, when Britain was nonetheless a member, Brussels retaliated with tariffs on all the things from Harley Davidson bikes to Levi denims and bourbon.
But companies on each side of the Atlantic concern retaliation, stated Duncan Edwards, CEO of the transatlantic enterprise group BritishAmerican Business. “Even if one aspect imposes [tariffs], in my opinion, the opposite aspect shouldn’t,” he stated. Retaliation would punish British customers “by making issues dearer than they in any other case could be.”
Nevertheless, Trump’s strikes would “be instantly felt by U.Ok. exporters,” stated Aline Doussin, accomplice on the legislation agency Hogan Lovells and head of its worldwide commerce staff in London. “The U.Ok. authorities, in coordination with stakeholders right here within the U.Ok, ought to put together for all situations attainable.”
At the second there’s “no agency plan” that corporations and the general public have heard from the federal government about how it might reply, Doussin stated. But retaliation from the U.Ok. may make issues worse, she added.
“We have seen some commerce escalation within the context of the earlier [Trump] administration,” she added, warning that “the market agrees that principally all people loses in escalating tariff will increase.”
