“Britain is preparing a response to Trump’s possible tariffs: Jack Daniel’s is under threat The British government is considering options for responding to Trump’s potential tariffs on imports. In response, Britain could impose tariffs on American goods, including Jack Daniel’s bourbon, Levi’s and Harley Davidson.”, — write on: unn.ua
Transfers UNN citing FT and POLITICO.
The British government is deciding how to respond to potential tariffs on British goods if they are implemented by the administration of US President-elect Donald Trump.
These are changes to previous measures of the EU in relation to the USA. Britain moved tariffs from the European Union after Brexit, which were imposed on American goods during Trump’s first term in response to massive European steel tariffs imposed by the then-president.
The UK tariffs were still in place when Britain officially left the EU in February 2020, and included purely American products such as Jack Daniel’s bourbon, Levi’s jeans and Harley Davidsons.
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The UK could immediately reimpose those tariffs on the US if Trump follows through on his threat to impose 10% to 20% tariffs on all foreign imports. Current and former government officials told POLITICO.
Trump has threatened several countries with high tariffs
The president-elect said he would impose a 25% tax on all goods imported into the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first steps as president of the United States. which is the largest importer of goods in the world, with Mexico, China and Canada as its three main suppliers.
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Stocks in London opened lower on Tuesday as a warning of tariffs from Donald Trump fueled trade war tensions.
For reference
European exports to the US are led by machinery and vehicles (€207.6 billion), chemicals (€137.4 billion) and other manufactured goods (€103.7 billion), which together account for almost 90% of the bloc’s transatlantic exports.
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If Europe’s growth slows due to Trump’s tariffs, the European Central Bank (ECB) may be forced to respond aggressively by cutting rates to near zero by 2025. Conversely, the US Federal Reserve may continue to raise rates, leading to “one of the largest and longest-lasting monetary policy divergences” between the ECB and the Fed since the creation of the euro in 1999, writes EuroNews.
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