‘IT’S BACK TO THE 1930S’ IF THE DEAL WITH ISRAEL DOES NOT HAPPEN WARNS REES-MOGG

JACOB Rees-Mogg has said that President Trump’s reaction to the Israeli offer of a free trade deal will decide the direction of global growth.

Speaking on GB News, he said: “The fallout from President Trump’s tariff announcement is still being felt around the world. Stock markets plummeted as investors grappled with the President’s tariffs and the market volatility shows no sign of abating.

“President Trump has shown no sign of retreating either. He has taken to his Truth Social account and urged Americans to keep calm, urging them not to be weak or stupid, insisting that they do not join PANICAN, which the President has called a new party of weak and stupid people.

“Back in Good old Blighty the Prime Minister is actually doing the right thing for once, trying to limit the economic damage.

“The Reverend Sir Keir Starmer has diluted his net zero plans and announced that elite car makers no longer need to stop selling petrol or diesel cars by 2030.

“The tariff issue is a really extraordinary one and it’s had amazing effects on the market.

“The oil price collapsed, which has the effect of undercutting Russia’s ability to finance its war against Ukraine. So, one of the unintended consequences Trumponomics could be making life harder for President Putin…the Israelis have offered complete free trade with the United States if tariffs are withdrawn.

“And this is really interesting, because if Donald Trump accepts that deal then it opens the way for countries like the United Kingdom to do the same, to bring down tariff barriers and to rejuvenate their economies and to show countries a route out of this tariff morass.

“On the other hand, if Israel’s generous and full offer of no tariff barriers is rejected, we know that we’re going to carry on with this terrible tariff policy in a way that will damage global growth.

“It’s back to the 1930s if the deal with Israel doesn’t happen. So, we live in interesting times.”