Britain needs a ‘trade bazooka’ to fight off threats to economic security, a report has urged.
Ministers should have an ‘arsenal of responses’ to threats of coercion, says the British Chambers of Commerce.
The call comes as wars and tariffs threaten supply chains, access to raw materials is wielded as a bargaining chip and subsidised products made abroad threaten the competitiveness of UK firms.
Donald Trump last week said he would impose a ‘big tariff’ if the UK did not scrap a tax on US tech firms.
Trade bazooka: Ministers should have an ‘arsenal of responses’ to threats of coercion, says the British Chambers of Commerce
The report calls on Labour to take up the so-called ‘bazooka’ powers already available to the EU, which it is considering using after Trump ramped up threats to invade Greenland earlier this year.
‘UK ministers do not have equivalent powers,’ it said.
‘This absence becomes ever-more pressing for UK policymakers to address.’
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