‘Devastating’: Business groups warn Trump tariffs will deal major blow to UK firms
‘Devastating’: What business leaders are saying about Trump’s new tariffs
- Donald Trump's “devastating” tariffs on US imports of UK goods (10 per cent on most goods, and 25 per cent on steel, aluminum, and cars) are expected to severely impact UK businesses already struggling with slow growth.
- The Federation of Small Businesses warns these tariffs will be a "major blow" to small and medium-sized enterprises, particularly the 59 per cent of small UK exporters who sell to the US market.
- The Confederation of British Industry calls the tariffs "deeply troubling" and advises against retaliation, which could worsen supply chain issues and price volatility.
- Experts predict UK exporters will need to re-evaluate their US trade deals, potentially reducing profit margins or seeking alternative markets.
- Financial markets reacted negatively, with US stock futures falling and the dollar weakening, though the UK might be less affected than other nations.