Research shows US tariffs have decreased the exporting willingness of more than half of UK's SME leaders. Only 11% of UK SMEs currently engage in exporting, but over half are open to it in the future. Tariffs are the primary barrier to exporting for 14% of non-exporting SMEs. A strong preference for EU trade over US trade is evident, with 72% favoring stronger ties with the EU. Many SMEs support increased protectionist policies in the UK economy, reflecting the complexities added by tariffs on international trade.
Tariffs add complexity for any business looking to trade internationally - and for small businesses, even a slight increase in costs or red tape can tip the balance. SME owners tend to be open-minded and opportunity-driven, but they also work with tight margins and limited time.
Nearly three-quarters (72%) of business owners would prefer the UK have stronger trade ties with the EU than with the US (27%).
According to the ONS, only 11% of the UK's SMEs engage in exporting. Of those who don't currently, iwoca's research reveals just over half (55%) are open to it in the future.
Over half (56%) say the heavy tariffs from the US have reduced their willingness to export.
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