The recent 25% tariff imposed by the US on British steel and aluminium has raised concerns over its impact on the UK's economic growth. The Confederation of British Industry (CBI) warns against the rise of protectionism, emphasizing the need for free trade to foster confidence and investment. Industry leaders express that tariffs create a lose-lose situation for consumers and businesses alike. Despite the challenges, UK firms are keen to maintain strong trading relationships with the US, though the situation adds layers of uncertainty to trans-Atlantic trade negotiations.
At a moment in the economic cycle when boosting business confidence and unlocking firms' capacity for investment holds the key to kick-starting economic growth, the escalating tariff situation in the US remains deeply concerning.
This is a difficult day for trans-Atlantic trade and plunges businesses, in both the US and UK, into a new age of uncertainty.
Tariffs mean prices and costs will inevitably go up and this is a lose-lose scenario for consumers, businesses, and economic growth.
Despite this action, UK firms will want to keep trading with their customers and clients in the US and vice versa. Our commercial, investment and trading relationships remain strong.
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