The 'historic' trade deal is not a trade deal. Nothing has been signed. Tariffs could be hiked on a whim tomorrow. Starmer headed straight to a car factory. Good news for the auto industry? Hardly BMW is already laying off workers ready for recession. Exports for UK farmers? Maybe but the import of 13,000 metric tonnes of US beef will wipe most of them out.
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57 posts38 participants6 posts today
Another woke pope !!!!!!! #politics #uspolitics #bbc #news #conservatives #tariffs #tradewar #trade #trump #DonaldTrump #gop #republicans #MAGA #uspol #trumptariffs #Pope #wokepope
Some of Asia’s richest families are cutting exposure to U.S. assets, saying U.S. President Donald Trump’s tariffs have made the world’s largest economy much less predictable. https://www.japantimes.co.jp/business/2025/05/09/economy/asia-rich-cut-us-trade-war/?utm_medium=Social&utm_source=mastodon #business #economy #hongkong #china #us #donaldtrump #trade #tariffs
The Japan Times · Asia’s superrich rapidly scale back U.S. exposure amid trade war
"This has been less a trade deal between allies – a process of give and take that in the long run hopefully leaves both sides better off – than a hostage negotiation. Pay Trump what he feels he’s due, and you get your economy back in roughly the state it was before, though missing a few fingers and probably traumatised"
The Guardian · Britain hasn’t agreed a trade deal with the US – it’s ended a hostage negotiation
For those who wish to take Keir Starmer at his word on not choosing between the US & the EU, the FT offers a crumb of comfort:
'The government’s refusal to grant the US significant concessions on food & animal welfare standards may have diluted its agreement with Trump, but it does raise the chance of a more fruitful UK-EU trade deal on foodstuffs'!
Lets hope the FT's optimism regards Starmer's stance on the EU is warranted....
As Allan Beattie (FT) points out, the framework deal between the US & UK compromises the established governance structures of global trade, by undermining the principle of Most Favoured Nation.
But, as the US as sabotaged the World Trade Organisation's Appellate Body (by refusing to nominate adjudicators), even if a WTO complaint was launched there is no chance it can be adjudicated.
And, concessions given today can be withdrawn as 'negotiation; to a full(er) trade deal continue!
So in a classic bully move... we now have higher tariffs on exports to the USA than we had a year ago, but less than other countries who've been slower to kiss the Tangerine Tyrant's ring.
But how long will that 'advantage' last, as Trump can hardly be said to be reliable... but in the looking glass politics of 2025, Starmer is presenting this as a 'triumph' rather than as a concession to a bully who might not even deliver the 'deal' the framework sets out.
Adafruit: "High tariffs become ‘real’ with our first $36K bill"
https://blog.adafruit.com/2025/05/08/high-tariffs-become-real-with-our-first-36k-bill/
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Reuters run down of the #US #UK #trade deal
#Trump says 'breakthrough' deal reached with #Britain
#economy #tariffs #inflation #recession #geopolitics
https://www.reuters.com/world/us/us-uk-trade-deal-latest-trump-says-comprehensive-agreement-coming-2025-05-08/
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Once more flagrantly violating the #law:
British envoy to the #US #PeterMandelson then offered #Trump a special price for a #RollsRoyce:
"Mr. President, I wonder whether you'd like to buy…I would be happy to suggest a discount. Obviously, a very modest discount," he said.
Trump resonded: "You know, the last time that happened, I ended up buying a Tesla," referring to his #promotion of #ElonMusk's car on the WH lawn.
#EmolumentsClause
#economy #trade #tariffs #recession #geopolitics #UK
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#Trump explained that he dropped the #US auto #tariffs on #RollsRoyce cars from 25% to 10% "because Rolls-Royce is not going to be built here. I wouldn't even ask them to do that."
"It's a very special car," he added.
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A reporter asked #Trump whether leaving the 10% baseline #tariffs the #US set in place for the #UK was a template for future deals.
"No. That's a low number. They made a good deal. Many, some, will be much higher because they have massive #trade surpluses. And, you know, in many cases, they didn't treat us right…One thing w/UK…they always treated us w/great respect.…The template of ten will, is, probably the lowest, & therefore they, you know, made that deal…Like, I won't do that deal w/cars.”
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#UK will remove the #tariff on ethanol coming into the UK from the #US, down to zero.
Work will continue on the remaining sectors - such as pharmaceuticals & remaining reciprocal #tariffs.
The US has agreed that the UK will get preferential treatment in any further tariffs imposed as part of Section 232 investigations.
The UK #DigitalServices #Tax remains unchanged. The 2 nations have agreed to work on a digital #trade deal that will strip back paperwork for British firms exporting to the US.
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More on the #UK #US on the #trade deal
Here's what the British govt has said so far:
Car export #tariffs will reduce from 27.5% to 10%. This will apply to a quota of 100k UK cars, almost the total the UK exported last year.
The UK steel industry will no longer face tariffs. They have gone from 25% tariff down to zero.
Both sides have agreed new reciprocal market access on beef w/UK farmers given a tariff free quota for 13k metric tons. There will be no weakening of food standards on imports.
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Talking about #US #trade talks w/ #China this coming weekend, #Trump said: "I think we're going to have a good weekend w/ China. I think they have a lot to gain. I do think they have far more to gain than we do in a sense."
Asked if talks go well, would he consider lowering China’s #tariff rate: "Well, it could be. I mean, we're going to see—right now you can't get any higher. It's at 145, so we know it's coming down. I think we're going to have a very good relationship."
https://www.europesays.com/uk/84979/ Britain secures Trump tariff deal for auto and steel industries – POLITICO #Agriculture #Aluminum #Beef #Britain #Cars #DonaldTrump #Dumping/Duties #England #Ethanol #Exports #GreatBritain #Imports #Industry #KeirStarmer #Markets #Negotiations #NorthernIreland #Produce #Scotland #Steel #Tariffs #Trade #UK #UnitedKingdom #UnitedStates #Wales
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#Trump praises the #UK for exiting the #EuropeanUnion
"I think you made the right decision years ago," Trump says about #Brexit.
UK says it will get preferential treatment on #tariffs
The #US has agreed that the UK will get preferential treatment in any further tariffs imposed as part of 232 investigations, the British government said.
Work will continue on remaining sectors such as #pharmaceuticals & other #ReciprocalTariffs.