Donald Trump upended decades of US foreign policy by bringing in a vast array of tariffs that threaten to disrupt international trade.
Trump tried to paint the tariffs as the start of “the golden age of America”.
“We are going to start being smart and we’re going to start being very wealthy again,” he said.
It comes as US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.
All three major US index funds were down as trading started on Thursday morning. The tech-heavy Nasdaq fund was down 4.5%, while S&P 500 and the Dow dropped 3.4% and 2.7% at opening, respectively.
Brexit
As part of Donald Trump’s attempt to spur on a “rebirth” of the US, he imposed a two-tier tariff rate on the island of Ireland – with a 20% tax on exports from the republic but a 10% rate on the UK, including Northern Ireland.
Mairead McGuinness, Ireland’s former EU commissioner, told RTÉ: “I’m questioning and wondering if this is well thought through from the US side? The US has always been a friend of the island of Ireland, and peace on this Ireland and stability.
“It certainly causes some difficulties. And rather than jump to a conclusion, I think we will have to look at this very carefully … this was not part of the discussions and thought processes when the Windsor framework was being negotiated. I mean, 10% isn’t good for Northern Ireland either; 20% isn’t good for us. Divisions like this aren’t helpful.”
Stephen Kelly, the head of the campaigning group Manufacturing NI, said: “If the UK does not reciprocate or do the same thing as the EU we are at a disadvantage. Companies that buy materials in Belfast from the US will pay more than their counterparts in Bolton.”
Farage
When discussing the UK tariff Farage said: “Ten per cent tariffs from the USA are bad news, but better than 20 per cent for EU members.
“If the Tory Government had delivered quickly on Brexit we would have had a free trade deal years ago. This deal is still achievable.”
Shadow Business Secretary Andrew Griffith said: “US tariffs are disappointing news which will worry working families across the country. But our Brexit freedoms have saved us from the worst.”
Even Tory Brexit supporter Mark Wallace, now chief executive of the Total Politics magazine, cautioned his fellow Leavers from “cheering” tariffs this morning, even if 10 per cent is better than 20 per cent.
Donald Trump has been slightly less nasty to Britain than the EU with his tariffs, but it doesn’t fix the economic damage that Brexit has already done.
Related: Donald Trump’s ‘Liberation Day’ tariffs have left people bemused – reactions
