Starmer calls for calm as global markets tumble following Trump’s tariffs
Sir Keir Starmer called for “cool heads” as global markets plunged in response to Donald Trump’s sweeping tariffs.
The Prime Minister said the UK had to “rise together as a nation” in the face of a new era of global instability.
The value of US stocks dropped sharply as markets opened on Monday afternoon, following falls in London and across Europe and Asia earlier.
“Challenging times”
Speaking at a Jaguar Land Rover plant in the West Midlands, Sir Keir said: “These are challenging times, but we have chosen to come here because we are going to back you to the hilt.”
He said the visit was a “statement of intent”, showing the Government’s support for an industry which has been hit with a 25% tariff by Mr Trump.
The Prime Minister said: “This is a moment for cool heads, nobody wins from a trade war, you know that.
“But it’s also a moment for urgency, because we’ve got to rise together as a nation to the great challenge of our age – and it is the great challenge – which is to renew Britain so we’re secure in this era of global instability.”
Turbulence
Sir Keir said “this is not a passing phase” and was a “completely new world”, with the economic turbulence following the defence and security instability caused by the war in Ukraine.
He added: “Let me be really clear, at a moment like this, our future is in our hands, and so of course, we will keep calm and fight for the best deal with the US, and we’ve been discussing that intensely over the last few days.
“But we are also going to work with our key partners to reduce barriers to trade across the globe, to accelerate trade deals with the rest of the world, and champion the cause of free and open trade right across the globe.”
The Prime Minister hopes to be able to strike an economic deal with the White House to ease the tariffs imposed by Mr Trump.
Markets on Wall Street fell steeply as they opened before rallying, while in London the FTSE 100 hit its lowest level for a year.
Mr Trump showed no sign of changing course, urging people to “be strong, courageous and patient”, promising that “greatness will be the result”.
The president has imposed a 10% tariff on US imports of British goods, along with the 25% tariff on cars and separate import taxes for steel and aluminium.
The Prime Minister announced extra flexibility in the zero emission vehicle (Zev) mandate as the automotive industry phases out petrol and diesel cars an vans.
Sales of hybrid cars which cannot be plugged in to charge will be allowed to continue until 2035, although the Government confirmed the sale of purely petrol or diesel-powered cars will be banned from 2030.
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Starmer is not paying attention. Kemi is bought and paid for, reform are trumps storm troopers in disguise, Ed Davey seems to be the only one talking sense.
EU and Canada are standing up, we are bending over.