Britain should use Brexit freedoms to CUT tariffs and become 'Singapore-on-Thames' amid Donald Trump's trade war, says Jeremy Hunt

Britain should usage its post-Brexit freedoms to go 'Singapore-on-Thames' amid Donald Trump's planetary commercialized war, according to erstwhile chancellor Jeremy Hunt.

The Tory MP, who ran the Treasury betwixt 2022 and July past year, said the US President's sweeping tariffs meant it was now 'make up your caput time' for the UK.

He urged the Labour Government to steer distant from retaliatory measures against Mr Trump's punitive commercialized levies, informing this would lone origin much economical harm.

But Mr Hunt besides demanded Prime Minister Sir Keir Starmer connection a 'much clearer imaginativeness arsenic to the benignant of post-Brexit system we privation to build'.

The ex-Cabinet curate said Britain should not 'close up' arsenic America and the EU were apt to do, but alternatively 'remain resolutely open' with 'fewer barriers' to trade. 

'Britain has ever flourished arsenic 1 of the astir unfastened and outward facing economies successful the world,' helium wrote successful the Telegraph.

In his telephone for the UK to transcript Singapore, Mr Hunt revived an economical thought that galore Brexiteers supported pursuing the 2016 ballot to discontinue the EU.

This foresaw Britain arsenic a low-tax federation with lighter regularisation and debased tariffs, but critics warned against moving distant from the European societal model.

Mr Hunt called for Labour to 'resist the siren opus of protectionism' contempt the likelihood of different countries besides imposing tariffs successful effect to Mr Trump's actions.

The US President has sent planetary fiscal markets into meltdown pursuing his announcement of 'reciprocal tariffs' connected nations crossed the world.

The bulk of British goods volition beryllium taxable to a 10 per cent import tax, portion UK car, alloy and aluminium exports person been deed with a 25 per cent tariff.

Mr Hunt said the Government was apt to effort and 'muddle done the situation trying to offend arsenic fewer radical arsenic possible'.

'With Ukraine's aboriginal successful the balance, determination are dependable reasons not to origin unnecessary offence to the President,' helium wrote.

'But the Prime Minister's diplomacy needs to beryllium combined with a overmuch clearer imaginativeness arsenic to the benignant of post-Brexit system we privation to build.

'Trump's commercialized reforms volition unit connected ministers a succession of accelerated decisions that volition signifier the system for years to come.

'In bid to get them right, we request to cognize wherever we are heading.

'Are we going to gradually adjacent up arsenic our 2 biggest trading partners, the US and the EU, are apt to do? Or are we going to stay resolutely open?'

Mr Hunt noted however fiscal services, technology, beingness sciences, originative industries and acquisition had 'all flourished' successful Britain 'because of openness to endowment and ideas'.

'Far from holding america back, it has made america globally competitive, turning america into the world's 2nd largest services exporter,' helium wrote.

'If we enactment up less barriers to goods imports, determination volition beryllium immoderate abbreviated word symptom arsenic we header with a glut of exports being redirected from the US.

'But if we clasp our nerve, little input prices and much innovation volition marque British factories highly competitive. More radical volition privation to physique their factories present arsenic a result.

'It won't beryllium casual to defy the siren opus of protectionism. But, arsenic countries similar Singapore demonstrate, openness tin inactive present fantabulous results.

'Over the past fractional century, its surviving standards person grown 5 times faster than ours. 

'Those who deride the thought of 'Singapore-on-Thames' neglect to recognize that the bosom of their occurrence has not been a harder-edged societal argumentation but the gathering up of internationally competitory businesses done willingness to trade.

'But Singapore didn't invent escaped trade. That honour belongs to Britain. Even if others crook their backs connected it, we should retrieve the benefits of 1 of our top gifts to the world.'