British Prime Minister Kir Starmer is about to declare the era of globalization ended. Addressing the nation on Monday, Starmer would say that the globalization, which started in 1991 after the fall of the Soviet Union, has now become a cause of disappointment for general voters.
The statement is coming at a time when US President Donald Trump has launched a new series of business sanctions by imposing a baseline tariff of 10% under the ‘US First’ policy. This new tariff on Britain has come into effect from April 2, causing an atmosphere of uncertainty in the global markets.
Trump’s acceptance of economic nationalism
According to the report, Prime Minister Starmer will accept Trump’s “Economic Nationalism”, saying it is the beginning of a new era. Although the British government does not fully agree with Trump’s policies, it also believes that there is a big change in the global business system.
“Globalization does not work” – Starmer
Starmer’s statement is clear: “Globalization does not work for many toiling people.” He said that “We do not consider business wars to be a solution, this is an opportunity to show that there can be a different way.”
Starmer believes that these steps of Trump will increase global competition and in response countries will have to improve their productivity and make economic reforms to promote local production.
HSBC chief also supports
Earlier, HSBC chief Sir Mark Tucker also questioned globalization. He had said that “Globalization has now reached its border.” Tucker feared that due to Trump’s policies and increasing global stresses, the world could divide into small regional business blocks.
This statement is a sign of a major change for the global economy – where the emphasis on ‘local production’ and ‘economic nationalism’ is increasing instead of ‘free trade’.
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