What could a US-UK trade deal look like?

Coffee House Shots

The Spectator

News, Politics, Government, Daily News

4.4 • 2.1K Ratings

🗓️ 9 April 2025

⏱️ 13 minutes

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Summary

Trump’s levies have kicked in today: including an astonishing 102 per cent tariff on China – after it missed the deadline to withdraw its retaliatory tariffs – and 20 per cent on the European Union. The combination of these explosive tariffs has sent markets sliding once again. This follows a slight recovery in the markets yesterday after suggestions by some in the Trump administration that they may be willing to negotiate the tariffs down.

In the UK, the economic uncertainty has ‘turbocharged’ plans which have been whispered around Westminster for some time, including nationalising the British steel industry. Attention has also turned towards a trade deal with the US, and the complexion that might take in a post-tariff landscape and in the context of the EU reset. There is hope in government that a deal could be done in the next month. Are the tariffs forcing the government into action? How does Starmer keep both the EU and the US on side?

Oscar Edmondson speaks to Katy Balls and Shanker Singham, CEO of Competere and a former trade adviser to the UK government.

Produced by Oscar Edmondson.

Transcript

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0:00.0	This episode of Coffee House Shots is sponsored by Alliance Witten Investment Trust. From the OPEC
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0:13.1	doomed premiership. There has been no shortage of economic crises over the last 58 years. And yet,
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0:22.8	we've paid out an increased dividend to our shareholders. In fact, Alliance Witten's history
0:28.3	dates all the way back to 1888. And today, we manage around £5 billion in assets.
0:35.5	If you're looking for a less stressful way to invest in stocks and shares,
0:39.2	learn more about Alliance Witten and find your comfort zone.
0:46.3	Hello and welcome to Coffee House Shots, the Spectator's Daily Politics Podcast. I'm Oscar
0:51.0	Edmondson and I'm joined today by Katie Balls and Shanker Singham, the CEO of
0:55.1	Competere and former trade advisor to the UK government. So Trump's levies have kicked in today,
1:00.8	including an astonishing 102% tariff on China after they missed the deadline to withdraw their
1:06.0	retaliatory tariffs and 20% on the European Union. The combination of these explosive tariffs has sent
1:11.9	the market sliding once again. Now, Shanker, I think we should probably make the best use of
1:16.8	your expertise in global trade policy to ask the big questions. How has the landscape of global
1:23.6	trade changed? And sort of looking long term, in your view, is it changing for the better
1:28.1	or for the worse? Well, first of all, it is a massive realignment that has happened with the
1:34.9	announcement. It seems like centuries ago now, but it was only a week or so on the reciprocal
1:41.8	unfair tariffs in particular. But I think, to sort of break this down, I think
1:45.9	you need to think of these tariffs in three sort of broad strands or three categories. The first is
1:52.1	tariffs that are imposed for non-trade reasons. So this would be the early stage tariffs on
1:57.8	things like fentanyl and so on. Those either don't get imposed or they're
	...

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