So, obviously, Donald Trump's tariffs are bad. Any economist will tell you that, and will show you an S shaped curve to prove it. Rachel Reeves did think that tariffs would impede 'frictionless trade' with the rest of the world. Actually, she still thinks that. But she has realised that tariffs are a tax, and could raise billions of pounds for the government. Even better, imposing tariffs doesn't break any manifesto commitments, as they aren't a tax on employees.
Obviously tariffs will impact everyone indirectly, but that's also true of businesses taxes and everyone pretends they won't put up prices. When businesses do put up prices to reflect tariff costs, she can just call them out for being greedy bastards. So, expect the March budget to be full of new tariffs on everything from fast fashion to cheap cars, cheap wine, whatever. Either that, or she'll grab your pension. Or both!