The UK faces the risk of losing the competitive advantage it has enjoyed from lower tariffs than other countries and becoming the biggest loser in the fallout of the US Supreme Court’s decision to roll back tariffs imposed by President Donald Trump last year.
President Trump’s pledge to reimpose international tariffs of 15% on all trading partners erased the advantage London had enjoyed at the 10% level, and this meant a real increase in the cost of British exports to the American market.
rebalance
According to Global Trade Alert, the UK is expected to record the largest tariff increases as a result of this transition, followed by Italy and Singapore, while Brazil, China and India are expected to be among the most notable beneficiaries of the tariff restructuring.
“China is benefiting from the Supreme Court’s decision to cancel the tariffs imposed by President Trump,” said Anthony Sassen, CEO of the specialist firm.
He added: “In the long term, the Chinese government is still seeking to rebalance exports and consumption to achieve more sustainable growth.”
In a 6-3 majority, the U.S. Supreme Court ruled that President Trump did not have the authority to impose tariffs under the 1977 statute and the laws it enacted, which theoretically allows the executive branch to act in the economic field without prior approval from Congress, given the economic emergency that has destabilized global trade.
President Trump first announced a new 10% global import tariff on imported goods under a separate legal authority, then increased it to 15%.
