How the UK and Europe could respond to Trump’s ‘liberation day’ tariffs

By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

In a carefully choreographed address from the White House Rose Garden, US president Donald Trump announced a massive package of trade tariffs. These include 20% on imports from the European Union, 24% on those from Japan, 27% for India, and 34% for China. The UK gets the lowest rate, at 10%.

A tariff is a tax on imports, paid by producers and consumers of the importing country.

US producers will pay more for their inputs – the things they need to produce their goods – from the rest…

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