From this Saturday, new taxes on goods being imported into America will kick in.

The UK has been hit with a 10% tariff on all of its goods into the US, which Donald Trump says is a retaliation to UK tariffs on American goods.

The UK exported almost £60bn worth of goods to the US last year. If US demand for UK products dwindles due to the extra charges importers face, this could hit profit margins and ultimately lead to UK job cuts.

This is not a Brexit benefit. It is an example of just how much economic heft the UK has lost since leaving the EU.

Dr Mike Galsworthy, Chair of European Movement UK, said:

“The celebration of being punished, but to a lesser degree than some others, has to be one of the most tragicomic last straws to be grabbed at by Brexiteers.

"There is a huge amount of protection within the EU bloc. Can we finally put Brexit desperation aside and listen to what the majority of economists have to say on the matter of trade? The UK has weakened its own economy to the tune of tens of billions since 2020. Red-tape has already hammered exporters. Far from being a Brexit benefit, Trump's tariffs will further weaken our economy, and do even more damage to beleaguered British businesses."

Molly Scott Cato, Professor of Economics and Senior Vice Chair of European Movement UK, said:

"The EU is a powerful trading bloc with the heft to stand up to Trump. Brexit Britain has no alternative but to appease him and to change our domestic policy to do so. This really does make us come close to the status of a vassal state, something EU membership never did.

"Far from a 10% tariff being a benefit of the UK leaving the European Union, it is a demonstration that Britain has weakened its global power to such an extent that it no longer has the economic strength to dictate its own policies, but is instead forced to bend to the will of Donald Trump, left with just a fraction of the negotiating power that being part of the world's largest trading bloc once gave us."

Brexit: Facts & Figures

• Brexit is on course to cut UK trade intensity by 15%, the Government’s independent financial watchdog has warned. (Source: OBR)
• Brexit has cut the UK economy by £140 billion, while London's economy has lost more than £30 billion. The same report suggests the UK will be more than £300 billion worse off by 2035. (Source: Cambridge Econometrics)
• The CER uses a similar estimate, putting the economic loss at 5% of UK GDP, or around £130 billion. (Source: CER)
• The average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse off. (Source: Cambridge Econometrics)