Sir Keir Starmer has expressed "concerns" over tariffs to Emmanuel Macron, while Jaguar Land Rover announced they would "suspend" deliveries to the U.S., aiming to "tackle the altered trade conditions" under Donald Trump's regulations.
On Saturday, during a phone conversation, the Prime Minister and the President of France discussed their "shared concerns regarding the worldwide economic and security repercussions" caused by the recent taxes, with special emphasis on their effects "especially within Southeast Asia."
In the meantime, the statement released by JLR earlier Saturday emerged as businesses are wrestling with the newly implemented trade regulations, along with the repercussions these have had on international stock exchanges. The company mentioned it is currently formulating its long-term strategies.
On Saturday, a 10% duty was imposed on products brought into America from across the globe, whereas a 25% tax on cars originating outside the country went into effect on Thursday.
Sir Keir's discussion with Mr. Macron was part of a sequence of conversations with global leaders that followed Mr. Trump's statement on Wednesday.
A spokesman from Downing Street released a statement about the conversation, saying, "Both parties concurred that engaging in a trade war would not benefit anyone; however, they also agreed that all options must remain open. It was deemed crucial to maintain communication with businesses regarding any updates."
The prime minister and the president likewise voiced their worries regarding the worldwide economic and security repercussions, notably within Southeast Asia.
Global trade has taken a hit following the president’s tariff announcement. The UK will maintain its current rate of 10%, but other countries face additional increases in their tariff rates starting next week.
Several of the most substantial tariff rates have been imposed on countries in Southeast Asia, with Vietnamese imports set to incur a 46% tariff, whereas Cambodian goods will encounter a slightly higher rate of 49%.
Imports from France will be subject to a 20% tariff, which is the same rate established for countries within the European Union.
JLR stated on Saturday that the USA represents an "essential marketplace for JLR’s luxury brands."
A representative further stated: "While we navigate the fresh trading conditions with our commercial allies, we are implementing certain immediate measures such as pausing shipments in April. This will allow us time to formulate our strategies for the medium to long term."
On Friday, the FTSE 100 experienced its most substantial single-day drop since the beginning of the coronavirus crisis, with stock exchanges on Wall Street seeing significant declines as well.
The leading stock market index in London dropped 419.75 points, equivalent to a 4.95% decrease, finishing at 8,054.98 on Friday. This represents the largest daily drop since March 2020 when the index plummeted over 600 points in just one session. Meanwhile, the Dow Jones experienced a 5.5% fall on Friday following China’s decision to match Mr. Trump’s tariff rate.
Mr. Trump has cautioned Americans that the tariffs "may not be simple," yet he has encouraged them to "stay strong."
On his TruthSocial platform, the president posted: "We are restoring jobs and businesses as never seen before. We've already secured over FIVE TRILLION DOLLARS IN INVESTMENTS, with numbers climbing rapidly! THIS REPRESENTS A MAJOR ECONOMIC TURNAROUND, AND WE ARE POised FOR VICTORY. STAY STRONG, it may not be simple, yet the ultimate outcome will go down in history."
At the same time, demonstrators convened in downtown London as part of worldwide protests targeting Mr Trump’s government.
On Saturday afternoon, people gathered in Trafalgar Square holding signs with messages like "Get Rid of Trump."
Brent Robertson, aged 56 and from Albuquerque, criticized Mr. Trump's tariffs.
Mr. Robertson stated, "That goes beyond stupidity."
He is harming both himself and all of us as Americans, simply to portray himself as a tough individual.
Sir Keir spoke with his French counterpart following individual discussions with the Italian and Australian prime ministers on Friday.
Number 10 stated that the leaders "unanimously agreed an all-out trade war would be highly detrimental."