LABOUR Party leader Starmer has given Donald Trump a ‘veto’ to bar Chinese investment in Britain in the just agreed trade deal over US tariffs on Thursday.
Despite all the fanfare in the British media about Starmer’s claims of a successful deal with more ‘preferential treatment’ in the future, detailed analyses in yesterday’s Daily Telegraph and Financial Times reveal that the UK is now worse off than before Trump’s trade war assault on the whole world.
Trump said that the UK and US would have a ‘better relationship than ever before’ and that the agreement had been struck ‘because of Brexit’.
Ten per cent tariffs on cars will be imposed immediately (reduced from a threatened 25 per cent) while the rate on steel and aluminium will be reduced from 25 per cent to zero.
But under the terms of the deal, the US will also have the ability to object to Chinese companies investing in the UK, in a clause the Tory Party admitted amounts to a Trump ‘veto’.
A source close to the talks conceded that the deal amounted to a ‘sort of veto’ by the US on ‘major Chinese investment’ and that this had been ‘extremely important to the Americans’ during talks.
Thursday’s agreement is not a ‘full and comprehensive’ trade agreement, but will reduce tariffs on British cars (10 per cent for the first 100,000) and steel and aluminium (zero per cent), while giving American companies tariff-free access to UK beef and ethanol (a beer ingredient) markets, with quotas, a sector long coveted by the USA.
Kemi Badenoch, the former Tory Business Secretary, said yesterday that Britain had been ‘shafted’ by the deal, and noted that UK tariffs on the US had been 5.1 per cent on average and were now 1.8 per cent, while US tariffs on the UK were 3.4 per cent on average before Trump took office and were now the universal 10 per cent applied to all countries.
‘The UK ruling class has been shafted by its US rivals. But the scope of the deal is limited’, the Financial Times says, adding: ‘Many details have yet to be ironed out and the end result will leave Britain facing a much tougher trading relationship with the US than before Trump began his global trade war.’
A £10 billion purchase of Boeing planes was also part of the negotiations, thought to involve British Airways, as a sweetener.
Tom Bradshaw, president of the National Farmers’ Union, expressed his alarm that farmers, already enraged over Starmer’s inheritance tax on them, will be livid with anger that ‘the agricultural sector has been singled out to shoulder the costs of the removal of tariffs from other industries’.
No deal was reached over the UK digital services taxes on big tech which the US opposes.
Never mind, says PM Starmer. He says that the UK will receive ‘preferential treatment when the US next imposes tariffs on a specific sector.
However, Trump has said he is minded to increase the rates on foreign pharmaceutical companies and film studios, both major British exports.
Despite being desperate to revive a bankrupt economy, Starmer has failed to achieve any significant concessions from Trump, and has allowed US imperialism a foothold in UK investment policy and even the agricultural sector.
The future negotiations over the big tech taxes and tariffs on pharmaceuticals and the film industry will also be dominated by the US.
Protecting all UK jobs and living standards cannot be achieved in a raging global trade war caused by Trump presiding over a bankrupt US capitalist state.
There is only one way out of this crisis, and that is through a worldwide socialist revolution carried out by the working class of the world, to replace the capitalist law of the jungle with a planned worldwide socialist economy, where production is carried out to satisfy human needs and not for profit.
The first steps in this world revolution must see the working class of the US, UK and the EU organising general strikes to put capitalism where it belongs into the dustbin of history and replace it with a planned world wide socialist economy, based on satisfying people’s needs! LABOUR Party leader Starmer has given Donald Trump a ‘veto’ to bar Chinese investment in Britain in the just agreed trade deal over US tariffs on Thursday.
Despite all the fanfare in the British media about Starmer’s claims of a successful deal with more ‘preferential treatment’ in the future, detailed analyses in yesterday’s Daily Telegraph and Financial Times reveal that the UK is now worse off than before Trump’s trade war assault on the whole world.
Trump said that the UK and US would have a ‘better relationship than ever before’ and that the agreement had been struck ‘because of Brexit’.
Ten per cent tariffs on cars will be imposed immediately (reduced from a threatened 25 per cent) while the rate on steel and aluminium will be reduced from 25 per cent to zero.
But under the terms of the deal, the US will also have the ability to object to Chinese companies investing in the UK, in a clause the Tory Party admitted amounts to a Trump ‘veto’.
A source close to the talks conceded that the deal amounted to a ‘sort of veto’ by the US on ‘major Chinese investment’ and that this had been ‘extremely important to the Americans’ during talks.
Thursday’s agreement is not a ‘full and comprehensive’ trade agreement, but will reduce tariffs on British cars (10 per cent for the first 100,000) and steel and aluminium (zero per cent), while giving American companies tariff-free access to UK beef and ethanol (a beer ingredient) markets, with quotas, a sector long coveted by the USA.
Kemi Badenoch, the former Tory Business Secretary, said yesterday that Britain had been ‘shafted’ by the deal, and noted that UK tariffs on the US had been 5.1 per cent on average and were now 1.8 per cent, while US tariffs on the UK were 3.4 per cent on average before Trump took office and were now the universal 10 per cent applied to all countries.
‘The UK ruling class has been shafted by its US rivals. But the scope of the deal is limited’, the Financial Times says, adding: ‘Many details have yet to be ironed out and the end result will leave Britain facing a much tougher trading relationship with the US than before Trump began his global trade war.’
A £10 billion purchase of Boeing planes was also part of the negotiations, thought to involve British Airways, as a sweetener.
Tom Bradshaw, president of the National Farmers’ Union, expressed his alarm that farmers, already enraged over Starmer’s inheritance tax on them, will be livid with anger that ‘the agricultural sector has been singled out to shoulder the costs of the removal of tariffs from other industries’.
No deal was reached over the UK digital services taxes on big tech which the US opposes.
Never mind, says PM Starmer. He says that the UK will receive ‘preferential treatment when the US next imposes tariffs on a specific sector.
However, Trump has said he is minded to increase the rates on foreign pharmaceutical companies and film studios, both major British exports.
Despite being desperate to revive a bankrupt economy, Starmer has failed to achieve any significant concessions from Trump, and has allowed US imperialism a foothold in UK investment policy and even the agricultural sector.
The future negotiations over the big tech taxes and tariffs on pharmaceuticals and the film industry will also be dominated by the US.
Protecting all UK jobs and living standards cannot be achieved in a raging global trade war caused by Trump presiding over a bankrupt US capitalist state.
There is only one way out of this crisis, and that is through a worldwide socialist revolution carried out by the working class of the world, to replace the capitalist law of the jungle with a planned worldwide socialist economy, where production is carried out to satisfy human needs and not for profit.
The first steps in this world revolution must see the working class of the US, UK and the EU organising general strikes to put capitalism where it belongs into the dustbin of history and replace it with a planned worldwide socialist economy, based on satisfying people’s needs!
