London: British Prime Minister Keir Starmer said he was ready to intervene with government support to protect the country’s activities against the impact of new American prices, while fears are increasing on a broader commercial dispute.
“We are ready to use industrial policy to help shelter British storm affairs,” wrote Starmer The telegraph newspaper.
“Some people may feel uncomfortable on this subject – the idea that the State should intervene directly to shape the market has often been derived.
“But we just can’t hang on to old feelings when the world is running so quickly.”
While Starmer said that the government’s priority remained to try to conclude a trade agreement with the United States which could include tariff exemptions, he said that it would do “everything that is necessary” to protect national interest.
Great Britain was spared the most punitive treatment of Trump’s pricing announcement on Wednesday, being struck by the lowest import rate of 10%, but a world trade war will always harm its open economy.
“This week, we will kill plans that will improve our interior competitiveness, so we are less exposed to this type of world shock,” he said, adding that the government also wanted to strengthen alliances and reduce obstacles to trade.
The Telegraph indicated that the Government of Starmer could provide emergency reforms to reduce administrative formalities around regulations and increase the prospect of targeted tax reductions to help the affected sectors.
British car manufacturer Jaguar Land Rover said on Saturday that it would arouse car expeditions to the United States for a month due to prices, which added to the fears of an industry that employs 200,000 people in the United Kingdom.
Writing in the newspaper, Starmer reiterated that he would adopt a “fresh” approach to prices rather than retaliation immediately, but he added: “All the options remain on the table”.
Great Britain published a list of 400 pages of American goods on Wednesday which he could include in any possible reprisal price response.