Keir Starmer to give more details on economic support in wake of US tariffs

Sir Keir Starmer will be outlining more detail about support for British industry and the economy in the wake of Donald Trump’s tariffs, a Treasury minister has said.

The Prime Minister has said the Government is “ready to use industrial policy” to help shelter businesses from the fallout, as firms across the globe are grappling with how to deal with the new taxes.

Chief Secretary to the Treasury Darren Jones told Sunday With Trevor Phillips on Sky News that “we need to go further and faster in supporting British industry and the British economy”, adding Sir Keir will “be saying more about that this week”.

“There will be further announcements from the Prime Minister this week on support for British business, building off the engagement that we’ve been having with them over the last weeks and months,” he added.

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National interest

Writing in the Sunday Telegraph, Sir Keir said that when it comes to the global economy and trade “the world as we know it has gone” and “old assumptions can no longer be taken for granted”.

The Prime Minister wrote: “This week, the Government will do everything necessary to protect Britain’s national interest.

“Because when global economic sands are shifting, our laser focus on delivering for Britain will not, and these new times demand a new mentality.”

A series of interventions from the Government are expected this week, and it is thought that elements of the industrial strategy could be pulled forward – having been expected this summer – in response to the announcements from the US in recent days.

Stock markets fell sharply at the end of last week in response to the new tariffs imposed by the White House.

A 10% import tax on goods coming into America from around the world kicked in on Saturday morning, while a 25% levy on foreign cars had come into force on Thursday.

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Higher levies

Many nations will face even higher levies in the coming days, including the EU, which will see tariffs imposed increase to 20% later in the week.

Mr Jones agreed that the lower 10% rate facing the UK is a “Brexit dividend”, telling Sky News that “I’ve struggled to find one in the past but there is one we’ve ended up with”.

He said the UK has “been treated differently to the European Union”, but added the Government would not “pick” or “trade-off” Washington or Brussels, as he pressed the “strong bridges” the UK has with both trading partners.

Mr Jones also said globalisation has “come to an end”.

Asked the if era of “cheap fast-fashion or cheap TVs” was over, he told the BBC’s 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.”

Ministers have been reluctant to criticise the Trump administration in the wake of the tariffs, with officials in talks with the US in recent weeks in the hope of securing a trade deal with Washington.

Food standards

A fact sheet issued by the White House on Wednesday said that the UK “maintains non-science-based standards that severely restrict US exports of safe, high-quality beef and poultry products”, however Mr Jones said the UK will not be lowering its food standards in pursuit of a deal.

“We’re not going to lower food standards in the UK, I think we’re pretty clear about that,” he told Sky News.

“He also said that the “basic protections” in the Government’s online safety laws “are not up for negotiation”, amid questions over whether they could be watered down.

Meanwhile, the Liberal Democrats have called for a parliamentary vote on any trade deal struck between London and Washington.

The party’s deputy leader Daisy Cooper said: “MPs must be given a say on any government deal with Donald Trump.

“It would be deeply undemocratic if Parliament were to be sidelined on such a critical issue for the country.”