The prime minister’s insistence that, in framing the UK’s response to the Trump tariffs, “We will always act in the national interest” was wise and reassuring. The mood at the moment is to “keep calm and carry on negotiating”, and if there is to be a response, it needs to be weighed, and to represent a fully informed choice. Hence the meeting of business leaders convened in Downing Street in the immediate aftermath of the US president’s announcements.
In the coming days, the full scale and nature of international retaliation will become clearer; so too will Donald Trump’s thinking. From his rambling presentation of the new tariff schedules in the White House Rose Garden, it is not obvious whether these punitive import taxes are designed to kickstart a more benign process involving a global relaxation of trade restrictions, or if they are part of a permanent policy shift aimed at restoring American manufacturing and providing trillions of dollars for the US Treasury. There is, in other words, no need for a rush to action.
