The former Tory chancellor said retaliating with more trade barriers would risk plunging the UK into recession.
Starmer must “resist the siren song of protectionism”, said Hunt, after the US President hit the UK with tariffs of 10 per cent.
Sort: Newest first Oldest first April 4, 2025 7:42 amMore UK market chaos predicted after Trump’s ‘liberation day’ tariffs
The FTSE fell to a three-month low on Thursday (Photo: PA Graphics/ PA Wire)
The economic impact of the tariffs are already being felt, with stock markets tumbling around the world.
In the US, the Dow Jones index suffered its worst day since 2020, falling almost four per cent as analysts at Barclays said there was a “high risk that the US economy enters a recession this year”.
Setting off to attend a golf tournament in Florida on Thursday, Mr Trump told reporters he thought things were going “very well”, adding: “The markets are going to boom.”
April 4, 2025 7:30 amUK Government mulls response to Trump’s tariffs as global markets slide
It comes as ministers insisted they will respond with “cool and calm heads”, but are keeping all options open, including the possibility of retaliatory tariffs on a range of American goods.
Shadow Chancellor of the Exchequer Jeremy Hunt at the Conservative Party Conference (Photo: Rasid Necati Aslim/Anadolu/Getty)“Over the last half century, its living standards have grown five times faster than ours,” he wrote.
“But Singapore didn’t invent free trade. That honour belongs to Britain. Even if others turn their backs on it, we should remember the benefits of one of our greatest gifts to the world.”
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