Donald Trump second term could be 'devastating' for Scots economy if tariffs slapped on imports

dailyrecord.co.uk:

Donald Trump's second term in power could be "devastating" to the Scottish economy if the incoming president slaps tariffs on imports to the US, experts have warned.The American tycoon will be officially sworn in at his Washington inauguration today following his landmark election win in November last year.Trump's return to power has led to fevered speculation his new administration will soon impose a 20 per cent tariff on foreign goods imported to the US.During his first stint in charge, the New Yorker imposed retaliatory tariffs on imports of Scotch whisky between October 2019 and March 2021 - costing £600 million in exports, according to the Scotch Whisky Association (SWA).The tariffs were suspended for five years but are due to resume in 2026 - unless Trump intervenes.The International Monetary Fund (IMF) last week warned US economic policies under Trump could hit the rest of the world and ultimately backfire on the US.The UN agency said a threatened wave of tariffs could make trade tensions worse, lower investment, hit market pricing, distort trade flows and disrupt supply chains.Dr Fabian Hilfrich, an expert on US foreign relations, told the Record that Scots could expect a return to the often "vindictive" style of politics Trump adopted during his first term.The Edinburgh University academic said: "Foreign policy, and that includes Scotland, will not be about compromise.

It will be about, 'what's in it for Donald Trump?'"What matters to Scotland, a country deeply involved in exporting goods, is what may be subject to tariffs.

The impact on whisky could be very bad."There are certain brands that are bottled solely for export. The US has traditionally been one of the primary markets for whisky.