Trump’s tariffs to be ‘devastating’ for UK firms, business groups warn
Experts also warned of more turbulence in the financial markets as investors react to the sweeping measures affecting global trade.
Business groups have warned that Donald Trump’s tariffs will have a “devastating” impact on UK firms who are already grappling with sluggish growth.
Experts also cautioned of more turbulence in the financial markets as investors react to the sweeping measures affecting global trade.
Mr Trump confirmed a 10% tariff was being imposed on US imports of UK goods – the same level as the global “baseline” he was setting for countries around the world.
Meanwhile, a 25% import tax has been confirmed for steel, aluminium, and cars.
The Federation of Small Businesses (FSB) warned the move will deal a “major blow” to small and medium businesses, who are already facing pressure from weak growth at home.
Currently, 59% of small UK exporters sell into the US market, the FSB said.
