Trump tariffs latest: UK economy to suffer even if new US trade deal struck, grim new forecast warns
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UK economy to suffer ‘negative spillovers’ even if US trade deal struck
- UK economic growth forecasts have been downgraded by Goldman Sachs as a result of anticipated US tariffs imposed by the Trump administration.
- Even if a trade deal is reached between the US and UK, negative spillover effects from tariffs on the EU are expected to impact the UK economy.
- The UK government is in talks with the US to mitigate the impact of tariffs, with food standards being a non-negotiable element for the UK.
- The European Union is prepared to retaliate with countermeasures if necessary, while investors are turning to gold as a safe haven amidst market uncertainty.
- The impending tariffs have caused market fluctuations, with the FTSE 100 experiencing a rebound after a recent fall, and some US tech firms seeing share price increases.