New York: At a time when US President Donald Trump endorsing his ‘America First’ policy, UK Prime Minister Keir Starmer is scheduled to make an address on Monday, declaring that the era of globalization is over, reports claimed. This also comes at a time when Trump’s unprecedented 10 per cent “baseline” tariffs slipped the global markets into uncertainty. Globalization began with the fall of the Soviet Union in 1991.
The UK Prime Minister is all set to announce that globalization as caused disappointment to millions of voters, the Times reported. The report also claimed that Starmer was also expected to acknowledge that he understood his US counterpart’s focus on economic nationalism.
While the Starmer administration does not agree with Trump’s extreme measures, it admits that a new era has begun, the report citing an UK official stated. “Globalization doesn’t work for a lot of working people. We don’t believe trade wars are the answer. This is a chance to show that there’s a different path,” Starmer said, The Times reported.
Starmer, according to The Times, has also acknowledged that with increased competition, countries will look inward to boost productivity and ramp up domestic production.
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Meanwhile, HSBC chief Sir Mark Tucker predicted that amid rising global tensions and Trump’s aggressive trade policies, the world is likely to split into smaller regional blocs or clusters where strong trade ties may emerge, reported The Financial Times.
