Oaktree's Howard Marks Warns Trump's Tariffs Mirror Brexit Crisis

Amidst ongoing global trade tensions intensified by President Trump's tariff policies, UK Chancellor Rachel Reeves emphasizes the necessity of strengthening trade relations with the European Union rather than adopting an inward-focused 'buy British' strategy. In preparation for an upcoming summit with EU leaders, Reeves highlights the challenges that Brexit has posed for British exporters, particularly smaller firms, and suggests aligning UK regulations with EU standards to facilitate trade. Oaktree Capital's Howard Marks compares Trump's tariffs to Brexit, labeling them an 'own goal' that could lead to significant economic repercussions, including recession and inflation. Marks notes that while the tariffs may be paused temporarily, the long-term implications could tarnish international relations and economic stability. The debate continues over whether Brexit has ultimately been beneficial or detrimental for the UK, with conflicting views on its impact on GDP and foreign investment. As the UK navigates these challenges, the call to reassess its relationship with the EU grows louder amidst economic uncertainties.