The US and China look set to go head-to-head with trade tariffs and a more protectionist outlook.
- Senior lecturer in Economics, Aston University
If the incoming US president makes good on his tariffs threat, the rest of the world will have to decide how to respond.
British shoppers won’t have seen any difference to the value of their pounds yet, but everything from baked beans to bargain holidays could be affected down the line.
Tumbling global trade with China proves no country or sector is an island.
The UK can expect a hit of nearly 6% to its GDP, while for the rest of EU it will be 1% or less.
US tariffs could potentially benefit some EU firms that rely on steel and aluminium.
It was going pretty well until 2017 began.
As well as the more immediate losses the UK economy will face, there are serious long-term economic and social problems, too.
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