Sunday 4 March 2018

FREE TRADE WARS

The country most often mentioned as our main trading partner after Brexit is the USA. They are now well on the way to sparking a trade war with tariffs of 25% on steel and 10% on aluminium announced recently. The EU then respond with threats to put tariffs on certain US imports. Now Trump says he might put tariffs on European car imports (HERE). I hope Liam Fox is listening.

When big economies throw their weight about only other big economies can defend themselves and respond.

If a trade war develops, and Trump seems to think they're a good thing, a UK outside the EU is in no position to defend itself. There may be other reasons to regret Brexit that we haven't even thought about yet and a trade war is one of them.