Sun, 06 Apr 2025

Sun, 06 Apr 2025 Globalisation era has ended, says Treasury minister

Sir Keir Starmer has suggested there could be state intervention to protect UK business from tariffs introduced by Donald Trump.
The UK government has acknowledged that globalisation as we know it has ended following US President Donald Trump's announcement of new tariffs, which have been met with retaliatory action from countries including China and Canada. Chief Secretary to the Treasury Darren Jones said "yeah, it's ended" when asked if globalisation was over, citing a need for the UK to build relationships with allies and invest in its own economy. The UK government has continued its policy of not responding to US tariffs with counter-tariffs, instead focusing on negotiating a trade deal to reduce tariffs. However, Conservative leader Kemi Badenoch disagreed that globalisation was over, pointing to "great" trading relationships with other countries. Analysts fear a global recession following Trump's move, which has sparked concerns about the impact on economic growth. The UK government is taking steps to limit the harm, including investing in the NHS and skills as well as industrial policy. Prime Minister Sir Keir Starmer has suggested state intervention to protect UK firms from the US president's move, and a trade deal is being negotiated to reduce tariffs. Labour's deputy leader Daisy Cooper called for MPs to be allowed to vote on any deal struck with Trump due to concerns about changes to regulations around farming, online content, and the digital services tax. The Liberal Democrats have also expressed concerns that any deal with the US could undermine British farmers' high food standards and water down online safety rules. The UK government has committed to protecting children's welfare and ensuring social media platforms are designed to protect them from harm. Environment Secretary Steve Reed has said the UK would not undercut British farmers on welfare or environmental standards in order to secure a US trade deal, but Chancellor Rachel Reeves suggested the UK could change its taxes on big tech firms as part of a deal.
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