The mayor of London has weighed in on the debate of Trump’s tariffs.
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00:00The consequences of big tariffs, but also we understand that actually we're an economy that's open in terms of working with colleagues across the globe, whether it's the EU, America, India, China or elsewhere. We don't want a closed economy and tariffs leads to trade wars, which is bad for everyone.
00:18So far, it has been a turbulent week for markets as Donald Trump's tariffs come into place for countries across the globe. Despite Sir Sadiq's suggestion that the city will not be affected too much by the 10% tariffs in place on the UK, it is important to acknowledge how London remains the financial centre of the UK.
00:45It is, of course, home to the London Stock Exchange, which was ranked in 2023 as the most valuable stock exchange in Europe. It is, however, also important to mention the UK has been the subject of lower tariffs than many other countries.
01:07UK stocks fell sharply again on Wednesday morning as worldwide tariffs came into effect.
01:17The imports taxes announcement announced by the US president last week, including a 10% charge on UK goods and a new 104% rate on some Chinese imports, took effect from midnight Washington time.
01:33This was, of course, just after 5am in the UK. In London, the FTSE 100 fell 2.34% shortly after opening on Wednesday morning.
01:45This wiped out most of the gains it made on Tuesday. London's blue chip index fell as far as 3.6% or 289 points to 7,621 before paring back the losses slightly.
02:00Amid the ongoing market turmoil and uncertainty about global trade relations, Chancellor Rachel Reeves said the UK is accelerating trade deals with the rest of the world as she prepares to meet her Indian counterpart.
02:20Meanwhile, ministers still hope an economic agreement with Washington can be reached.