This week will be dominated by Andy Burnham’s entry into No 10 Downing Street, as he takes over from Sir Keir Starmer, and the possible announcement of US tariffs
Ahead of the summer recess, Burnham is expected to pick his cabinet and appoint junior ministers, with the Chartered Institute eagerly awaiting decisions made about the Department for Business and Trade (DBT).
Elsewhere, defence and aerospace companies will gather for the Farnborough Air Show, the next set of US tariffs is announced and the Chartered Institute will delve into the latest packaging regulations impacting traders on both sides of the Channel.
The new PM
Andy Burnham has entered Number 10 today (20 July), after the incumbent Starmer departed.
Starmer said he is “departing with a smile” and that “my work is done”.
“Britain is now stronger and fairer than it was two years ago.”
The BBC reports that Burnham will say he plans to give people “breathing space” from cost pressures”.
During a Times interview, Burnham also suggested he would raise the personal tax allowance from £12,570, the level it’s been frozen at for several years.
In subsequent days, Burnham will be announcing his new cabinet, as well as appointing junior ministers. Several ministers, including prisons minister Lord Timpson, have already stepped down.
There’s much speculation as to who might move into No 11, with current chancellor Rachel Reeves expected to be removed from her post.
Current home secretary Shabana Mahmood has emerged as the frontrunner over the past week, according to reporting from a number of publications, being seen as the safer bet over rival Ed Miliband – the current energy secretary.
Global Trade Today will be reporting later this week on the appointment of those who will lead DBT.
US tariffs
On Friday (24 July), US President Donald Trump’s temporary 10% global levy on trade is set to expire under the terms of section 122 of the Trade Act 1974.
This measure was brought in following the Supreme Court’s decision earlier this year, which found the Trump ‘reciprocal’ tariff regime illegal.
However, the results of a series of investigations under section 301 and 232 of the 1974 act are expected to be announced soon. The US previously used the issue of ‘forced labour’ to justify further tariffs against over 60 nations, including the UK, EU and other allied countries.
The US Trade Representative (USTR) announced in June that the UK was facing a 10% tariff for allegedly failing to deal with slave labour in the UK’s supply chain, with an open consultation announced after this declaration.
With the expiry of the temporary section 122 tariff, it is highly likely that the USTR’s investigation will result in the same tariff rate being applied on a permanent basis under sections 301 and 232.
Farnborough Air Show
The Hampshire town of Farnborough will again play host to the aerospace and defence sector, with companies spending the week demonstrating their newest innovations.
The event organisers say they’re anticipating a record 1,600 exhibitors, per Reuters reporting, as companies expect to benefit from increased government defence spending following conflicts in Ukraine and the Middle East, and increased NATO investment targets.
Military tech groups will be showcasing their wares, while aircraft manufacturers Boeing and Airbus will also be revealing their orders volumes. However, Boeing said in a prior statement it will be focusing its improvements to aircraft production at the event, rather than order announcements.
The FT reports that defence firms including Lockheed Martin will also be publishing their latest quarterly earnings to coincide with the airshow.
Lunchtime Learning on new packaging waste
Following on from the year’s earlier public webinar on new regulations pertaining to packaging, introduced by both the UK and the EU, the Chartered Institute will be holding a member-exclusive Lunchtime Learning webinar reviewing the regulations in more depth.
Imports advisory practice lead Ilona Kawka will be explaining the UK Extended Producer Responsibility (EPR) and EU Packaging Waste Directive in more depth, outlining how various actors in the supply chain such as importers, exporters and manufacturers can remain compliant.
Members can still sign up for that session, which will be held online at 12pm on Thursday (23 July).
Other dates for the diary
- Monday: Trial begins in Tennessee case against Meta over ‘mental health crisis’
- Tuesday: US defence secretary Pete Hegseth questioned at US Senate Committee hearing on Trump funding request
- Wednesday: The Association of Southeast Asian Nations foreign ministers meet with non-member nations, including the UK and US
- Thursday: European Central Bank interest rate decision
- Friday: UK trade figures published
- Saturday: Maine Democratic Party nominating convention following Graham Platner’s withdrawal
- Sunday: Gymnastics, swimming and weightlifting finals at the Commonwealth Games
