Possible U.S. tariff may reduce UK GDP by 0.7 percentage points: think tank

LONDON, Nov. 6 (Xinhua) -- A United Kingdom (UK) think tank has projected that the country's Gross Domestic Product (GDP) could shrink by 0.7 percentage points if President-elect Trump enforces a 10 percent tariff on all imported goods.

The National Institute of Economic and Social Research (NIESR) estimated that UK GDP growth could be approximately 0.7 percentage points lower in the first year following the tariff implementation, 0.5 percentage points lower in the second year, and between 0.2 to 0.3 percentage points lower in the third year.