Labour peer Charlie Falconer has warned that any Donald Trump tariffs on UK goods could be “apocalyptic” for the British economy.
On Wednesday, Trump will outline plans for widespread tariffs, on what the White House has dubbed ‘Liberation Day.’
It is currently unclear who the tariffs will affect or if they will be the same for everyone, but there is a possibility some will be imposed on British goods.
What has already been confirmed is a new import tax of 25% on cars entering the US, which came into effect on Wednesday.
Appearing on Newsnight on Tuesday night, Labour peer Lord Falconer said he was “fearful” about the prospect of tariffs on British goods, saying they have “the potential to set the economic frame for years to come.”
The former justice secretary explained that even if the UK gets an exemption from tariffs, heavy tariffs imposed on the European Union could have huge consequences on the British economy and result in “our trade going down.”
When author and journalist Gillian Tett urged people to “recognise the dangers of what we’re sliding towards”, comparing the situation to the protectionism of the 1930s, host Victoria Derbyshire said the situation was “sounding apocalyptic.”
Lord Falconer responded: “I think it is.”
He added that Keir Starmer should “do all he can to preserve the economic viability of the country.”
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