26 April 2025, 13:08

By John Caudwell

In a recent television interview, I described the new US tariffs as a "global wrecking ball."

Some may think that was an overstatement. Sadly, as recent news has revealed, it was not.

The sweeping tariffs imposed by the United States - including a 10 per cent blanket levy on almost all imports and punitive duties of up to 145 per cent on Chinese goods - are not just a spat between superpowers.

They represent a profound destabilisation of the global economy. And for Britain, already navigating the choppy waters of a post-Brexit and post-Covid world, they pose a very real threat that we must address with urgency, creativity and leadership.

The International Monetary Fund's (IMF) latest forecast makes grim reading: global growth downgraded to 2.8 per cent, world trade growth slashed almost in half, and the spectre of rising inflation stalking every major economy.

Ironically, the US is going to be even more negatively affected, with shrinking GDP growth and - I believe - the potential to head into recession. Just a small reduction in tourism alone is likely to lose the US a trillion dollars in growth in my view.

These are not abstract numbers. They mean businesses struggling to export. They mean price rises for ordinary families. They mean lost jobs and shrinking opportunities for millions.

Of course, the US is entitled to protect its national interests. No country can be blamed for putting its own people first, but any protection needs to be applied with acute commercial intellect and not........

© LBC