In April, British exports to the United States dropped by £2 billion, marking the largest monthly decline since records began in 1997, triggered by President Trump's 10% minimum tariff. This significant setback affected key sectors such as cars, steel, and aluminium, which are also facing potential additional tariffs. Although the tariffs were temporarily paused, the initial impact has disrupted established trade patterns, leaving exporters anxious about future trade relations and planning. Calls for a long-term deal intensify as uncertainty looms over the future of UK-US trade.
The volatility is already denting confidence among exporters. Businesses made a huge effort to move goods early, but this cliff-edge approach to tariffs is costing us dearly.
Despite recent talks to finalise a bilateral steel deal, questions remain over whether the UK will be exempted from the full brunt of the new American tariff regime.
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