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00:00I don't think the figures show that we are treating the United States, if you take the
00:06whole range of British trade and investment with the US, at all unfairly.
00:13So we are at the margins of what the United States might be able to retrieve by way of
00:20unfair practice abroad, but clearly the president is aiming at everybody in order to create
00:28maximum leverage for the deals that will follow.
00:33The time taken for all of this, I think, is going to be damaging, whether it's for the
00:38UK, for Europe, for the Middle East, for everybody.
00:42We do not need more trade wars, more cross tariffs in a global economy which is already
00:49suffering from the antagonism to globalization that has come in over the last few years.
00:58So this is a very controversial use of instrument by the Americans and I think, as some of your
01:05previous interlocutors have been saying, it could easily blow back on the Americans themselves.