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LBC callers react to Trump's 'new era' for global trade
Posted
April 3, 2025
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April 3, 2025
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17:13Now PlayingDonald Trump has insisted that the US economy will "boom" thanks to tariffs, despite Wall Street's three main benchmarks all suffering heavy losses.
The president said his plans will bolster production in the US and support home-grown goods, but economists have said the short-term impact will be higher prices and slower growth across the economy.
Mr Trump told reporters that he thought the day was "going very well" after his bombshell tariff announcement, which included 10% on the UK - and much higher import taxes on others.
“The markets are going to boom... the country is going to boom," the US president said.
He added that other counties “have taken advantage of us for many, many years.”
But the tariff plans have sent shockwaves through global markets.
The Dow Jones index dropped 3.89% - its biggest fall since 2020 - when Covid shocked the markets. The S&P 500 lost 4.85% and the Nasdaq Composite dropped 5.99%.
The Dow Jones tumbled around 3.6%, while the technology-focused Nasdaq index plunged nearly 5%.
The tariff announcement also sparked political reaction from allies including the UK.
Speaking on Thursday, Keir Starmer warned against "jumping straight into a trade war" in response to Donald Trump's trade tariffs but insisted "nothing is off the table" to protect Britain's national interest.
Putting the White House on notice, Downing Street launched a four-week “request for input” from businesses on hitting the US with retaliatory tariffs.
Business Secretary Jonathan Reynolds told MPs: "To enable the UK to have every option open to us in future, I am today launching a request for input on the implications for British businesses of possible retaliatory action. This is a formal step necessary for us to keep all options on the table.
"We will seek the views of UK stakeholders over four weeks until 1 May 2025 on products that could potentially be included in any UK tariff response. This exercise will also give businesses the chance to have their say and influence the design of any possible UK action."
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