British Correspondent
Appearances
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
Yeah, what I'm hearing this morning is that the heart of this deal, as far as it extends, and Sam has been pointing out we really don't know exactly how deep or detailed this agreement will be, but at the heart is an attempt to secure concessions on the swinging tariffs, 25% that affect the British car industry. The swinging tariffs?
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
And in order to get some relief on that, the UK has had to give ground on... agriculture, food and agriculture trade, which is much smaller in terms of its value, both to the UK and to the US. But our understanding is that the government has given ground on agriculture.
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
I'm hearing from government sources that there will be wins for British farmers out of this, which indicates that the government is ready, at least when we get the detail, to defend what it does. Let's have a little look at what's in stake.
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
In the bigger picture in this deal, let's have a look first of all at the goods trade between the UK and US. You'll notice it's balanced. About £62 billion worth of imports from the US Come here. This is over a year to last year and 66 billion pounds of goods going the other way. So by Donald Trump's logic, we shouldn't face any tariffs. But we do. Blanket 10 percent tariffs. A little annoyed.
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
Why are we facing tariffs? The quick note at this point that when it comes to trade services is far more valuable to the UK economy. Look at that. £137 billion, but when it comes to tariffs, it's trade in goods that counts. Let's have a look at what's flowing back and forth. This is goods from the US into the UK, machinery and transport equipment, fuel, chemicals, that's pharmaceuticals.
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
Just want you to remember this number, food and live animals, just a billion pounds worth at the moment in trade. So not very big at all. When it comes to tariffs levied by the US, it's this chart that counts. These are UK goods going to the United States. The biggest single sector, 22 billion pounds of machinery and transport equipment, that includes cars.
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
Fuels, chemicals, really important. It's interesting to see what they'll say about pharmaceuticals, which are included in there when we get the deal. So these are all the areas that are going to face tariffs. And it's really crucial to cars. And this is why. Look at this. Nine billion pounds of British car exports to the United States every year. By far the single country largest trading partner.
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
More than double China's. Nine billion pounds. EU nations, one in four of every cars that's sold out of the UK every year goes to America. So 25% tariffs could be critical for that industry. Let's look at the trade going the other way, because there's a suggestion we might be some tariffs reduced on cars coming from America. We actually tariff cars at 10% ourselves.
The Dan Bongino Show
A Turning Point In The Tariff War | Episode 39
Less than a billion pounds of American cars flow into the UK.