Trump’s tariffs: ‘It feels like self inflicted pain, economic suicide’
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Donald Trump has unveiled his tariffs plan, which is expected to have far-reaching consequences for the entire world – including the US. But does the UK, facing the base-rate of 10%, have something to celebrate, and is it the first tangible benefit of Brexit?
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In brief
- Trump’s tariffs are now upon the world, with the president having announced how much each country would pay for exporting to the US.
- The UK government is celebrating being hit with the lowest tariff rate of 10%, but The News Agents say this amount is still deeply damaging to the economy.
- They describe Trump’s actions as “slapdash, self inflicted pain and economic suicide.”
What’s the story?
On 2 April 2025, Donald Trump finally revealed his tariffs plan, on what he named "liberation day".
It was also the day Nintendo announced the release of its Switch 2 console, with a price-tag of $450 for US gamers.
But, with a 46% import tax on all products from Vietnam – which is where Nintendo's consoles are largely manufactured – this new console could end up costing Americans closer to $650.
Trump's tariffs have been introduced with the intention of encouraging US businesses to reduce their reliance on imports, and buy more American products, therefore stimulating the stagnant economy.
But many experts – and businesses – have warned this is unlikely to work, and instead the additional cost of the tariffs will simply be passed onto customers.
Vietnam is among the countries to be hit with one of the biggest tariffs on imports, along with China (54%), Cambodia (49%) and Thailand (36%).
Curiously, Russia has not been hit with any tariffs, with Trump’s press secretary Karoline Leavitt saying this is because the US does not trade with the country – but this isn’t true.
The UK will be subject to the 10% base rate of Trump's tariffs, which is still forecast to have a major impact on the UK economy – along with the predicted global trade war many believe will erupt due to Trump's actions.
The UK government has said the lower rate “vindicates” its approach to Trump in recent weeks, refusing to condemn the president’s actions since coming to power, unlike other European countries. It has also said it still hopes to negotiate its way out of tariffs by securing a trade deal.US business owners have said that beyond the number slapped on countries around the world, there are no details on how any of it will work, adding confusion to the concerns.
The president has been mocked for including an island with a population of only penguins among the countries hit.
Is Russia the only country to avoid Trump's tariffs?
Is this the first real benefit of Brexit?
The UK escaping the 20% tariff imposed on the EU has been celebrated by some diehard Brexiteers as a victory for an independent country.
Jacob Rees-Mogg has described the outcome of the 2016 referendum as a "godsend" to the UK in the Trump-world of 2025.
But The News Agents aren't buying it.
While escaping the EU’s 20% tariff in favour of a 10% one might be the best thing to come out of Brexit - there is still a huge net loss for Britain since leaving the European Union.
Lewis Goodall says the idea that Britain "got off lightly" is absolute nonsense.
"Britain's economic power is just too small. We don't have the leverage. We don't have enough to offer them.”
"We might want to get a deal, but it will be on Trump's terms.”
And, nearly ten years after British voters opted to leave the EU, the UK now finds itself in an even worse position when it comes to transatlantic trade.
"One of the principal economic arguments of Brexit was that we would be able to sign brilliant free trade deals all over the world, including with the United States," Lewis adds.
"What has actually taken place? We've basically signed no decent new free trade deals. Most of the ones that we have are rollover deals.
"Ten years on, and we're actually at the point where they're imposing more tariffs on us so in the end, we have done nothing to replicate the economic relationship we had with the European Union."
What’s The News Agents’ take?
Emily Maitlis describes Trump’s tariffs, and the methodology behind them – that higher tariffs be applied to countries that export large quantities to the US, but import little – as “economic diarrhoea”.
“We are starting to understand that actually there is no proper methodology in this,” she says.
“Everyone has tried to work out what the mathematical formula is behind this - but we are all scratching our heads trying to make sense of something which fundamentally has no sense to it.
“It feels like self inflicted pain, economic suicide.”
Jon Sopel describes the tariffs as “slapdash”, especially considering the potential global impact of his actions.
The slapdash elements include imposing the baseline 10% tariff on exports from Martinique and Guadeloupe in the Indian Ocean, which are part of France – which is subject to the 20% on all EU countries.
“This is like third-rate homework that has been handed into the teacher, who says: 'Must try harder, take it away, I want to see this when you've done the work’,” Jon says.
Lewis says Trump “clearly believes” in his statements that America has been ripped off and taken advantage of, and says there may be “some truth” to his logic.
He says that China has "gamed" the system, and that American markets have been more "liberalised" and open than many others around the world.
“He does seem genuinely convinced the imposition of tariffs will re-industrialise the Midwest and other parts of the United States,” he says.
“It's certainly possible that over the long term, business decisions, commercial decisions, investment decisions are taken, which means that the supply chain will become shorter but it's a really long term thing – it probably goes beyond the Trump presidency itself.
“He seems to genuinely believe that he will be able to raise enormous amounts of revenue from tariffs.”
Lewis adds that the most curious part of the entire situation is how rare it is to have such a major economic shock seen in advance.
“It has been signposted and so well trailed, and it’s a country doing it to itself,” he says.
“What Trump has basically done is impose a form of economic sanction on the United States right by unpicking very developed, embedded economic relationships with other countries.
Lewis says Trump’s insistence on tariffs show how Trump believes that the US is strong enough to weather anything that comes along – and that he will be able to avoid any potential negative benefits that come from his actions.
“Trump believes that America is better off alone,” Lewis says.
“It's better off being America first. It's better off just being the biggest bully in the playground.”
Trump's tariffs: 'Slapdash and sloppy – like third-rate homework'
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