London:
The United Kingdom’s Prime Minister Keir Starmer is scheduled to declare the end of the era of globalisation following US President Donald Trump’s hardline reciprocal tariffs and ‘America First’ policy that triggered a global trade war pushing markets into the shadows of uncertainty, according to a report.
In his address to the nation on Monday, the British Premier is also likely to admit that globalization, which started after the fall of the Soviet Union in 1991, has “failed” millions of voters and acknowledge why Trump’s economic nationalism is popular among his supporters who believe they have seen no benefits from free trade and mass immigration, The Times reported.
Citing a senior UK official, the publication reported that while the UK does not agree with Trump’s 10 per cent “baseline” tariffs and other recent protectionist measures, the Starmer government, however, admits that a new era has begun in which Trump’s methods have massive support.
“Trump has done something that we don’t agree with, but there’s a reason why people are behind him on this. The world has changed, globalisation is over, and we are now in a new era. We’ve got to demonstrate that our approach, a more active Labour government, a more reformist government, can provide the answers for people in every part of this country,’ the report cited the official as saying.
Monday’s address will be Starmer’s first significant intervention since Trump imposed sweeping charges on imports, during which he will acknowledge that the seismic global economic effects prove that the UK must “move further and faster” to boost growth with supply-side reforms.
Later this week, the British government is also planning to make pro-growth announcements, including easing regulations on electric car manufacturers and bringing forward parts of the government’s industrial strategy. The UK is due to hold an “economic and financial dialogue” with India on Wednesday to try to hasten a trade deal, while efforts are being made to secure a new agreement with Australia.
Trump’s Tariffs
US President Trump’s big raise in tariffs has triggered an escalating trade war and sent global markets plummeting. The American commander-in-chief maintained that his new levies would bring trillions of dollars of investment to the US while also criticizing other countries’ retaliatory measures.
The baseline 10 per cent levy announced by President Trump this week kicked in at 12:01 a.m. Saturday ET (0401 GMT), triggering customs agents’ collections at ports of entry across the US. Countries targeted by Trump for higher tariffs are due to go into effect on Wednesday. Those include assessments as high as 50 per cent for Lesotho, 49 per cent for Cambodia and 47 per cent for Madagascar.
In an all-caps social media post Saturday, Trump insisted: “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN.”
Following Trump’s announcement, British PM Starmer and French President Emmanuel Macron agreed on Saturday that a trade war was in no one’s interest as they discussed the global economic and security impact of the tariffs, particularly in Southeast Asia, Starmer’s office said in a statement.
“They agreed that a trade war was in nobody’s interests, but nothing should be off the table and that it was important to keep business updated on developments,” the statement said.
The leaders also discussed efforts to build a coalition of countries willing to support Ukraine in its war against Russia and provide peacekeeping forces in the event a ceasefire is reached.
“Following discussions between military planners in Ukraine this week, they discussed the good progress that has been made on the Coalition of the Willing,” the statement said.
