TRUMP: WILL IMPOSE TARIFFS ON THE UK IF THEY DON'T ELIMINATE THEIR DIGITAL SERVICE TAX.

Donald Trump stated he would impose tariffs on UK goods if the country does not eliminate its Digital Services Tax, which disproportionately affects U.S. technology firms. This announcement reactivates trade policy risk in transatlantic relations, triggering a repricing of trade-sensitive UK assets and sterling-linked instruments on concerns of retaliatory measures. The primary transmission channel is trade policy uncertainty, impacting UK export sectors and multinational tech companies subject to cross-border tax and tariff regimes. Markets most exposed include UK equities—particularly consumer exporters—and GBP currency pairs, which face downward pressure amid deteriorating U.S.-UK trade relations. Traders will watch upcoming U.S. Treasury and USTR statements on international tax policy for signals on the timing and scope of potential tariff actions.

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