Donald Trump’s victory in the US presidential election has left political analysts trying to work out the implications for the rest of the world on a range of issues. Alongside questions such as America’s position on the conflicts currently taking place in Ukraine and Gaza is the issue of the global economic impact.
This centres chiefly on trade, with Mr Trump pledging heavy tariffs on imported goods. That raises the prospect that British exports will be hit hard, potentially prompting a tit-for-tat response.
High streets and shopping centres will feel the effects of any change to the status quo. For instance, American goods may cost more due to tariffs, or imports from other countries gain more favour. There could even be a ‘buy British’ approach.
When it comes to store maintenance, the question will need to be considered carefully. Signage and displays of goods could be changed to reflect changing trade patterns. It may be that if, for instance, similar goods to those currently imported from the US are to fill this niche, they might be given more prominent space and promoted heavily.
On the other hand, it could be that Christmas might be seen as a final time to heavily promote imported items from the US, on the basis that these might be either unavailable or more expensive once Mr Trump takes office and the tariffs policy is in place.
The idea of a ‘Buy British’ campaign may be a little harder to sustain. October 3rd was ‘Buy British Day’ and few would have noticed. Quite simply, consumers want choice and in an age of globalisation that means more goods from overseas, not least items not grown or made in the UK.
At least with another interest rate cut, Britons with mortgages will have a little more money to spend, so while the UK economy may take a hit overall, this could be balanced, at least in the near term, by some good news.
Besides that, it may be that Trump, whose mother was Scottish, is willing to do a deal that could save the UK from the tariff issues other countries will face.
