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‘Too much, too soon’ – Nigel Farage likens Donald Trump’s tariffs to Liz Truss’s economic policies
11 April 2025, 08:32 | Updated: 11 April 2025, 14:05
Nigel Farage has likened Donald Trump to Former Prime Minister Liz Truss, saying he's done "too much, too soon".
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Speaking to LBC's Nick Ferrari, the Reform UK leader compared the US President to Liz Truss, who crashed the economy with her mini budget in 2022 by announcing a 1% cut to the basic rate of income tax.
In regards to Trump's tariffs, Mr Farage said: "I think Trump did too much too soon. Rather like Liz Truss did a couple of years ago. I've never in my life before seen stock markets fall quickly and bond markets fall at the same time."
He said "it remains to be seen" whether Trump emerges chump or champion over the controversial action.
The close friend of Trump said while he's never agreed with the tariff policy, he understands the move.
He said: "China poses an existential threat to the west economically and perhaps even ultimately in different ways as well."
Mr Farage added: "As for the slugging it out with China, who's going to win right now? I just don't know."
Read more: UK economy grows by 0.5% in February in surprise boost for Labour
Watch Again: Nick Ferrari is joined by Reform UK's Nigel Farage | 11/04/25
President Trump said he would be delaying tariffs on most nations for 90 days while raising his tax rate on Chinese imports to 125%.
The US pause has not completely eliminated taxes on goods into America, with all countries now expected to pay a 10% levy, instead of the reciprocal rates Mr Trump’s administration had originally set out.
Some of America’s trading partners had threatened retaliatory action before the pause, such as the EU, which had voted to impose countermeasures on some US goods.
The UK had been spared higher tariffs rates hitting others and had resisted retaliatory action.
Other countries now find themselves in the same situation as the UK, which was already required to pay the 10% tariff rate.
Imports of cars, steel and aluminium to the US are all still subject to a 25% tariff.
A Downing Street source said the development shows that “cool and calm can pay off” and that the way Sir Keir Starmer “does business” is the “right approach”.
Despite the changes to Mr Trump’s tariff regime, economists remain concerned that the prolonged uncertainty over his policy will hold back growth around the world.
