Globalisation has come to an end, says minister
Globalisation has “come to an end” in the wake of new tariffs imposed by the US, a Treasury minister has suggested.
Chief Secretary to the Treasury Darren Jones told the BBC that Britain needs to be “strong and resilient” and emphasised the importance of investing in the domestic economy, as nations and businesses are grappling with US President Donald Trump’s new taxes.
It comes after Sir Keir Starmer said that “the world as we knew it has gone” in terms of the global economy and trade.
Fast fashion
Asked if the era of “cheap fast-fashion or cheap TVs” was over, Mr Jones told the Sunday With Laura Kuenssberg programme: “Yeah, it’s ended.
“Globalisation, as we’ve known it for the last number of decades, has come to an end.
“That’s why we need Britain to be strong and resilient, also build out our relationships with our allies and partners around the world, but also why we have to invest in the domestic economy, both for UK businesses, but also our public services, so that we have workers and communities who are well-skilled (and) able to take advantages of jobs in the UK, which is why our plan for change is investing in the NHS and skills, and as well as industrial policy.”
A number of interventions are expected this week as ministers look to boost the British economy following last week’s tariff announcement.
A 10% levy on British imports into the US came into force on Saturday, while a 25% tax on foreign cars has been in place since Thursday.
Other nations are due to see their tariff levels increase in the coming days.
Deals
Writing in the Sunday Telegraph, the Prime Minister said that the Government is “ready for what comes next”.
“The new world is less governed by established rules and more by deals and alliances,” he wrote.
Conservative leader Kemi Badenoch said she did not believe that globalisation was over, and that the system had helped the UK.
She told the same BBC programme: “We have become wealthier because of it.”
She said that the UK still has a “great trading relationship” with countries, and described recent events as “fragmentation” rather than the end of globalisation.
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I wouldn’t necessarily say it’s over. The US maybe rocking the boat but the rest of the world, 75% of trade, can still strive to keep the system going among themselves. It just has to start weaning itself off American influence and commerce. Easier said than done, understandably, but achievable.
“Globalisation is ended”. That’s a bit of wishful thinking or downright deception. Globalisation is a power thing and events of recent weeks have just showed us what happens when globalist behaviour shifts focus. There’s a new clique in town – The Trump mob – and they may eclipse some other mobs like the EU mob or upstart crews like BRICS but it’s a globalist mob with some different power goals. The fact that this new mob is eyeing up the acquisition of new territory or repatriating manufacturing is symptomatic of their view of power and does nothing to eliminate globalism… Read more »
We can all just ignore the US. Why should we be dragged backwards by fools. Brexit was bad enough, lowering freedom and purchasing choices. Let’s not turn the world backwards to times when choice was not a thing.
Let’s replace globalisation with regionalisation. Let’s not rely on one country to make something so cheap that they put everyone else out of business only for everything to fall apart when there’s a pandemic. Swap global free trade with regional free trade. Plenty of choice, reasonable prices, a vibrant domestic manufacturing sector with lots of jobs and, crucially, resilience to future global shocks.
It is very hard to ignore the United States since they are still by far the most powerful country in the world both militarily and economically. Were Trump to actually invade Greenland do you think we would sanction and boycott the US like we are with Russia? Starbucks, Coca Cola, McDonalds, Hollywood films, etc. No chance.
Europe will have to end its dependency on the US both militarily and economically, won’t be easy. As for the UK we will probably have to make a choice – Europe or the US?
Everyone has a Francis Fukuyama in them…
UK stocks opened this am and plummeted. Where is that toady, reform’s farage, the press need to nail that pile to the mast at the next interview.
PM is absent at the moment, Canada and the EU are shining the way. We know the Tpry party is bought and paid for by maga, same with farage, I expected better from our PM.