Great Britain could become the country most affected by new US import duties due to significant exports of services and goods. A fall in the pound and an impact on the Bank of England's monetary policy are predicted.
An analysis of economic indicators suggests that Great Britain could become the country most affected by the introduction of new import tariffs by the US administration. Due to the high share of services and goods exported to the American market, the British economy is most vulnerable to Washington's protectionist measures compared to other trading partners. This is reported by Bloomberg, writes UNN.
Details
According to Goldman Sachs forecasts, Trump's introduction of a general 10% tariff on all imports will lead to a significant reduction in the United Kingdom's economic growth. Such measures are expected to cause a fall in the pound sterling and force the Bank of England to review its monetary policy due to inflation risks. The automotive and pharmaceutical sectors, which are traditionally oriented towards consumers in the US, will suffer the biggest blow.
London's reaction and global trade risks
British government officials are trying to find ways to mitigate the consequences of the new American policy, but have not yet received any guarantees regarding exceptions for London.
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The situation is complicated by the fact that Britain is no longer part of the EU trade bloc, which limits its ability to collectively pressure the White House. Bloomberg experts emphasize that in the context of a global trade war, Great Britain risks being isolated, which will lead to a long period of economic instability.
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