Brief by Shorts91NewsDesk / 05:33am on 23 Apr 2025,Wednesday International
The International Monetary Fund (IMF) warns that the UK will be among the hardest hit by the escalating global trade war, primarily due to new U.S. tariffs under President Donald Trump. The IMF slashed the UK's 2025 growth forecast from 1.6% to 1.1%, citing heightened inflation, rising energy costs, and increased borrowing expenses. Chancellor Rachel Reeves is set to meet U.S. Treasury Secretary Scott Bessent in Washington to negotiate reductions to the 10% baseline tariff on UK goods, with steel, aluminum, and car exports facing an additional 25% levy. Despite potential tariff relief, the IMF cautions that global economic spillovers and domestic challenges, including inflation and energy prices, will continue to weigh heavily on the UK's economy. (PC: Supply Chain Brain)
