Politics
The 10 countries that will be worst hit by Trump’s tariffs as shock graph shows surprising twist for Britain
Donald Trump announced a flurry of executive orders on his first day in office, but for now, at least, he has held off slapping universal tariffs on all imports.
Financial markets breathed a sigh of relief, but he did tell reporters in the White House Oval Office that he’s considering introducing a 25 per cent tariff on all products imported into the US from Mexico and Canada as soon as February 1.
Make no mistake: economic pain is coming down the pike as Trump threatens a trade war with countries that run large deficits with Uncle Sam.
The deficit-to-surplus ratio is not the only determining factor – geopolitics will play a role in who will be hit hardest too – but generally, Trump subscribes to the mercantilist mindset of might is right when it comes to international trade, so he will look to maximise exports and minimise imports to shrink America’s trade deficit.
GB News has ranked from highest to lowest in the countries that run the largest trade deficits with America and will therefore be slapped with the most punitive tariffs.
Who will be hit the hardest?
China, Mexico and Vietnam top the list, running trade deficits of around $300billion, $156billion and $109billion respectively.
Trump has pledged to impose an additional 10 per cent tariff on all imports from China, adding to the already existing tariffs.
This makes the total tariff on Chinese goods potentially as high as 60 per cent if all proposed tariffs are implemented.
The economic impact could be substantial, with previous studies indicating significant job losses and GDP reduction in China in response to similar tariff impositions.
The Chinese government has responded by asserting that no one wins in a trade war, hinting at potential retaliatory measures.
Donald Trump is expected to slap tariffs on its trading partners, with China, Mexico and Vietnam worst hit
Getty Images/ChatGPT
As Mexico’s economy is heavily integrated with that of the US, with approximately 83 per cent of its exports going across the border, the proposed 25 per cent tariff on all Mexican goods will significantly impact this trade relationship.
Analysts predict tariffs could plunge Mexico into a recession, depreciate its currency and drive up inflation.
Vietnam, which has one of the largest (and rising) trade surpluses with the US, is also exposed.
The US trade deficit with Vietnam reached $102billion in the first ten months of 2024 alone, an almost a 20 per cent increase on the previous year.
Vietnam has capitalised on spiralling US-China trade tensions by becoming a manufacturing hub for companies leaving China. However, this could backfire if Trump imposes tariffs.
Canada also makes the top ten, with Trump signalling plans to impose a 25 per cent tariff on its neighbour as soon as February 1.
Outgoing Prime Minister Justin Trudeau has emphasised Canada’s readiness to support American economic prosperity but cautioned against the imposition of tariffs, asserting Ottawa’s intent to retaliate if necessary.
Trudeau has alluded to the possible implementation of dollar-for-dollar matching tariffs in response to new US duties.
In order of highest to lowest, other countries running the largest trade deficits with America include:
- Germany
- Japan
- Ireland
- South Korea
- Taiwan
- India
Trudeau has alluded to the possible implementation of dollar-for-dollar matching tariffs in response to new US duties
REUTERS
Which countries will be shielded from the worst impact?
Netherlands, Hong Kong, and UAE run the largest trade surpluses with Uncle Sam, with surpluses of around $42billion, 23billion and 18billion respectively.
Trump will be less inclined to slap punitive tariffs on these countries as it could hurt American industries that benefit from these surpluses, such as aerospace, agriculture, and technology.
The UK will also be shielded from the worst as runs relatively large surplus with America.
In 2023, the UK had a trade surplus of £71.4billion with the US in goods and services, which increased to £72.1billion in the 12 months ending June 2024.
However, with trade worth over £300billion flowing across the Atlantic every year, Trump’s mooted plan to slap universal tariffs of 10-20 per cent on all US imports would still have a seismic impact on the UK.
Everything from Scotch whisky, automotive products, and pharmaceuticals would face higher costs.
Analysts from various think tanks, like the National Institute of Economic and Social Research (NIESR), have estimated that Trump’s tariffs could halve UK economic growth, reducing it from an already low projected 1.2 per cent to about 0.4 per cent in the year following implementation.
This is due to both increased costs for UK exporters and potential retaliatory measures from other countries.
The imposition of tariffs would likely increase inflation by pushing up the cost of imports, impacting consumer prices across various sectors. The Bank of England might then consider raising interest rates, which could further slow economic activity
This would put further pressure on Rachel Reeves, who is already struggling to tame rising borrowing costs and reverse sluggish growth.
US historian Victor Davis Hanson has described Joe Biden’s departure from the presidency as that of a “solitary figure” with no defenders remaining, even within his own party.
Speaking to GBN America, Hanson painted a stark picture of Biden’s final moments in office, contrasting his exit with that of his successor Donald Trump.
Politics
SAS veteran blasts ‘imbecilic’ Rachel Reeves as Labour target war heroes with inheritance tax raid: ‘I am absolutely fuming!’
An SAS veteran has hit out at Labour’s decision to hit grieving families of military workers with inheritance tax from April 2027.
The money given to families of deceased Armed Forces members, called death in service payments, may be subject to a hefty cut after Labour MPs voted in favour of a raid.
The lump sum of money will be subject to death duties from 2027 for children or partners of servicemen and women who are not married.
Death in service payments are normally a one-off figure issued to named beneficiaries of a military worker who dies while on duty.
Matthew Hellyer erupted into a furious rant on GB News
GB NEWS
Speaking on GB News, Matthew Hellyer erupted into a furious rant as he spoke to Martin Daubney.
“I am absolutely fuming. As a grieving father, my son died 18 months ago”, he said.
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Rachel Reeves backed the controversial tax
PA
“I know the pain that these people are going through now. This imbecilic Government are now taxing the very people that have given us our freedom.
“They are ruining us. This applies to the children and widows of soldiers that have been killed on the battlefield.
“They get a final payment. They get the money, a death in service payment. This has always been seen as tax free. Something to lift the spirits and give the soldiers’ families something to look forward to because they don’t have a husband or wife to support them anymore.
“They need this money more than anything. The pain they are going through is immense.
Hellyer joined Martin Daubney on GB News
GB NEWS
“Keir Starmer and Rachel Reeves have no compassion. They’re killing our pensioners, ridiculing our pensioners and persecuting our soldiers.
“Where does it end?”
He added: “This Government is waging war on our military. We have an attorney general that supported the IRA and is refusing to stand down.
“They are after our military, lock stock and two smoking barrels. They’re never giving up. It’s relentless and we’re getting beaten. We have to stand up for our rights.”
The payments will now go into probate if not left to a spouse or civil partner, potentially reducing the compensation by up to 40 per cent in inheritance tax.
Major General Neil Marshall, chief executive of the Forces Pension Society, has written to HMRC urging them to reverse the decision.
In his letter, he warned: “Given the high-risk nature of military service… a policy that discriminates against those who are not married or in a civil partnership poses a serious threat to morale, team cohesion and ultimately operational effectiveness.”
The Treasury has confirmed existing exemptions will continue for active service deaths.
“If a member of the Armed Forces dies from a wound inflicted, accident occurring or disease contracted on active service, they will be exempt,” a Treasury spokesman said.
Military personnel cannot avoid this tax through trusts, as the payments are part of the Armed Forces pension scheme.
Elon Musk has poured cold water on Donald Trump‘s half-a-trillion-dollar Artificial Intelligence initiative – marking a potential first rift between the pair since Trump took office.
The President declared on Tuesday that several tech giants including Oracle, MGX and OpenAI would be pledging $500billion (£406billion) to fund the construction of data centres in the US over his four-year term.
He said that the project, called Stargate, would be “the largest AI infrastructure project by far in history”, adding: “It’s big money and high-quality people.”
Trump said the mega funding drive would be “a resounding declaration of confidence in America’s potential”, but now, tech tycoon Musk – himself a major player in AI – has warned that the investment may not be all it seems.
Elon Musk has poured cold water on Donald Trump’s half-a-trillion-dollar Artificial Intelligence initiative Stargate
REUTERS
An OpenAI press release had talked up its funding for Stargate, including an initial investment of $100billion.
But Musk prodded: “They don’t actually have the money.”
And in a swipe at Japanese partner investors SoftBank, he said he “has it on good authority” that the firm “has well under $10B secured”.
Musk has endured a long-standing feud with Sam Altman, with whom he jointly founded OpenAI, the firm behind Artificial Intelligence behemoth ChatGPT.
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Trump has said the mega funding drive would be ‘a resounding declaration of confidence in America’s potential’
REUTERS
Musk, who resigned from OpenAI in 2018, has since labelled his former colleague Altman “Swindly Sam”.
Meanwhile, Altman has called Musk a “bully” in response.
In the face of the X owner’s condemnation, construction on one of Stargate data centres has already begun in Texas, according to Oracle Chairman Larry Ellison, who launched the project in the White House to alongside Trump, Altman and SoftBank CEO Masayoshi Son.
“We wouldn’t be able to do this without you, Mr President,” Altman said.
Though Musk and Trump appear to be at loggerheads over AI, the Tesla owner has been vocal in his support for the President on cracking down on DEI
REUTERS
Though Musk and Trump appear to be at loggerheads over AI, the Tesla owner has been vocal in his support for the President on cracking down on Diversity, Equity and Inclusion (DEI) initiatives.
Reacting to the news that Trump had signed an executive order repealing Lyndon Johnson’s establishment of affirmative action, Musk said simply: “Massive”.
Musk, who now leads the new administration’s drive to cut costs across the federal government, took a swipe at DEI initiatives on social media in a reply to the news of Coast Guard chief Linda Fagan’s termination.
“Undermining the US military and border security to spend money on racist/sexist DEI nonsense is no longer acceptable,” Musk said.
Rep. Mike Lawler (R-N.Y.), a leader in the effort to lift the limit on a state and local tax deduction some key House Republicans are demanding, said at a POLITICO Playbook event on Wednesday morning that he will be meeting with President Donald Trump on Wednesday.
New York, New Jersey and California Republicans made a pilgrimage to Mar-a-Lago recently to reiterate their demands to lift the so-called SALT cap, which limits the deduction to $10,000, in negotiations over a large tax bill. The lawmakers say the cap is harming constituents in their politically competitive, high-tax districts.
Their votes will be crucial to passing a major tax bill GOP lawmakers are assembling.
Politics
Southport attack: Labour MP blasts ‘damning failures’ of social services to stop Axel Rudakubana
Labour MP James Frith has issued a scathing critique of Britain’s social services, describing their failure to prevent the Southport attack as a “damning” indictment of the system.
Speaking during PMQs Live on GB News, Frith highlighted what he called “a failure of a joined up social services system that has repeatedly been warned and failed to act”.
The attack, carried out by Axel Rudakubana at a Taylor Swift-themed dance class in Southport last summer, resulted in the deaths of three young girls.
Frith emphasised that while individual judgments should be measured, the systemic failures were clear.
James Frith has hit out at social services failings in the case of Axel Rudakubana
GB News / CPS
“Whether it’s an under-investment or a lack of scrutiny and oversight, a number of the social services have systemically failed to pick up this issue, and the worst has happened for these three girls and their families,” he said.
The Labour MP stressed that while knife access was a crucial issue, the broader failures of social services demanded urgent attention.
“It’s not complicit in the act, but is certainly unintentionally given permission for such acts to happen,” Frith added in what he termed a “damning statement on our social services”.
The Southport attacker had purchased the murder weapon from Amazon without significant barriers, when he was 17-years-old.
Axel Rudakubana pleaded guilty to all 16 charges he faced in court on Monday CPS
Frith warned that the Southport attack highlighted broader concerns about evolving terrorism risks in Britain.
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“There’s a changing face of the risks of terrorism in this country, and the online hate, the radicalisation that is also being accessed by some of these loners and monsters,” he said during the GB News discussion.
The Labour MP called for a comprehensive review of existing protective measures.
He acknowledged the complexity of predicting such attacks, stating: “We shouldn’t cast too much judgment, given that you can never know for sure as somebody that is reported will go on and do such an appalling act.”
However, Frith insisted that both knife access restrictions and social service reforms needed urgent attention.
Frith told GB News there is a ‘changing face of the risks of terrorism in this country’
GB News
In response to the attack, Prime Minister Sir Keir Starmer has announced stricter measures for online knife purchases, requiring two forms of identification.
The new requirements will mandate that buyers provide documents such as a passport or driving licence, along with a live video verification of their age.
Amazon has responded to the incident by launching an urgent investigation, stating they take their responsibility around age-restricted items “extremely seriously.”
The online retailer confirmed they use ID verification services to check personal details and require age verification upon delivery.
Politics
Kim Leadbeater accused of ‘stitching-up’ Assisted Dying Bill committee over selection of expert witnesses in secret
Labour MP Kim Leadbeater has been accused of “stitching-up” a House of Commons committee after attempting to select an expert witnesses in secret.
Leadbeater’s last-minute amendment was supported by committee members yesterday, meaning much of the session took place in private as it met for the first time.
The Spen Valley MP tabled the motion on Monday night to ensure that the committee sits in private.
Tory MP Danny Kruger, who opposes the bill, argued that there was “clear public interest” in decisions being made openly.
Labour MP Kim Leadbeater has claimed that most Britons want to allow assisted dying.PAHe said: “And if there are concerns about the witnesses, they should be aired publicly.”
Kruger added: “Of the getting on for 60 names that have been put to us, 38 of them are in favour of this Bill and in favour of the principle of assisted dying.”
However, Leadbeater argued that it would be “inappropriate to discuss named individuals” and their suitability as witnesses, and that, while transparency is important, “so is respecting individuals’ privacy”.
Tory MPs piled pressure on Leadbetter over the lack of transparency.
Protesters gather to support assisted dyingPAFormer Home Secretary James Cleverly said: ‘This is not reassuring me that getting good legislation is the priority for the proponents of the Bill.
“I’ve seen this before. People become so focused on getting the win, they lose sight of the importance of getting a balance of views.”
Romford MP Andrew Rosindell added: “I believed Kim Leadbetter when she assured us that sunlight would win the day and there was to be full public scrutiny of the Bill. I now know that wasn’t true.”
Leadbeater’s bill would allow terminally ill adults in England and Wales with less than six months to live legally allowed to end their lives.
Campaigners near Parliament Square against the proposed bill to legalise assisted dying,GETTYTwo doctors and a High Court judge must approve the request before.
The controversial session held yesterday sets out dates over the course of the next few months.
The committee will hear oral evidence from medical and legal professionals and line-by-line scrutiny of the Bill will begin in February.
MPs backed the second reading of Leadbeater’s proposal by 330 to 275 in November.
Politics
John Healey issues warning to Vladimir Putin after Russian spy vessel spotted in British waters
Defence Secretary John Healey has issued a stark warning to Vladimir Putin after a Russian spy ship was detected operating near UK waters.
“We see you, we know what you are doing and we will not shy away from robust action to protect this country,” Healey told MPs.
Healey revealed the Russians have been using the ship for “gathering intelligence and mapping the UK’s critical underwater infrastructure”.
In November, the Yantar was detected “loitering over UK critical undersea infrastructure”, prompting a decisive response from British forces.
John Healey spoke to MPs in the House of Commons earlier today
Parliament
“I authorised a Royal Navy submarine, strictly as a deterrent measure, to surface close to the Yantar to make clear that we had been covertly monitoring its every move,” the Defence Secretary said.
The submarine is believed to have been one of Britain’s Astute-class nuclear-powered attack boats.
Following the encounter, the Russian vessel departed UK waters and sailed towards the Mediterranean.
The Yantar has now returned to the North Sea, having entered the UK exclusive economic zone approximately 45 miles off the British coast on Monday.
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Royal Navy vessels HMS Somerset and HMS Tyne have been deployed to monitor the Russian ship’s movements.
The warships have been tracking the vessel’s every move through British waters for the past two days.
“The foreign ship Yantar is currently in the North Sea having passed through British waters,” Healey told MPs.
So far, the Defence Secretary noted that the Russian vessel has been complying with international rules of navigation.
So far, the Defence Secretary noted that the Russian vessel has been complying with international rules of navigation
PA
In response to the Yantar’s return, Healey has implemented new rules of engagement for Royal Navy vessels.
The Defence Secretary confirmed he had amended the protocols to allow British warships to better understand the movement of the Russian vessel.
“I changed the Royal Navy’s rules of engagement so that our warships can get closer and better track the Yantar,” Healey told MPs.
He emphasised the vessel’s intelligence-gathering capabilities, saying: “Let me be clear, this is a Russian spy ship used for gathering intelligence and mapping the UK’s critical underwater infrastructure.”
GB News presenter Ellie Costello grilled Tory MP Matt Vickers over the Southport stabbings, highlighting multiple missed opportunities to prevent the tragedy.
“There were a number of failings, failings under your watch which you must be able to accept responsibility for”, Ellie fumed during the heated exchange.
Politics
Daughter of Sir David Amess hits out at Prevent scheme following Rudakubana revelations: ‘They failed me!’
The daughter of late MP Sir David Amess has revealed that she “begged and pleaded” for an inquiry into her father’s murder, as she highlighted the “failures” of the Home Office and the Prevent programme.
The Labour Government has announced an inquiry into the Southport attack of July 2024, after it was revealed that killer Axel Rudakubana, 18, was referred to the Government’s anti-extremism scheme Prevent three times, but no intervention was made.
A Labour minister has defended “important judgements” made about withholding information in the Southport killings case, after police claimed they were “gagged” by the Crown Prosecution Service.
Employment minister Alison McGovern said decisions around information disclosure were crucial to protect the possibility of a trial and achieving justice.
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