The British Prime Minister warned that the new global tariffs imposed by the United States on the United States would have “deep” economic consequences.

British Prime Minister Keir Starmer said the United States has introduced global tariffs, creating a “new world” managed by “transactions and alliances” rather than rules.

Starmer made the comment in an article published in the Telegraph Sunday, with countries around the world providing further impact on U.S. President Donald Trump’s new tariff regime, which caused the market to plummet last weekend.

“The world we know is gone. The old assumption can no longer be taken for granted,” Stamer wrote.

Trump’s benchmark import tax on 10% of goods from around the world began Saturday. Although the UK is relatively light in 10% tariffs, many countries face higher taxes in the coming days.

“This is an economic revolution and we will win,” the U.S. president wrote on Saturday in his social media platform Real Social. “Strong, it’s not easy, but the end result will be historic.”

Starmer disagreed. “No one won the trade war,” he said, describing the “far-reaching” economic consequences of Trump’s trade offensive and said “all choices are on the table and stay on the table.”

The end of globalization

“What we know in the last few decades” is actually over,” Darren Jones, chief secretary of the UK Treasury, said in the BBC’s Sunday program with Laura Kuenssberg.

British ministers are reluctant to criticize the Trump administration after tariffs as officials held talks with the United States in recent weeks in hopes of reaching a trade deal with Washington.

Starmer insists in his opinion article that only “if this is a security for UK business and working people” would be reached with the United States and insists that he would “continue for free and open trade cases.”

Trump’s 34% tariff on Chinese goods will begin next week, triggering Beijing’s announcement of a 34% tax on U.S. products starting Thursday.

The European Union and Japan, also of about 60 U.S. trading partners, will face higher interest rates on Wednesday, raising concerns about recession in some of the world’s leading economies.

News of Trump’s announcement of tariffs on Wednesday made countries scramble to respond. Zimbabwean President Emmerson Mnangagwa announced on Saturday that he would suspend tariffs on goods imported from the United States after suffering an 18% tax.

Indonesia’s chief economic minister Airlangga Hartarto said in a statement on Sunday that his country, Southeast Asia’s largest economy, would not retaliate against Trump’s 32% tariffs, which would take effect on Wednesday.

He added: “This approach is adopted for the long-term benefits of adopting bilateral trade relations, as well as maintaining an investment climate and national economic stability.”

“The broadest tariffs since the most shocking law of the 1930 law are the most comprehensive tariffs that have been commemorated by tariffs and the deepening of the Great Depression,” said the Center for Strategic and International Studies, a think tank based in Washington, D.C., said.