The UK's retail, hospitality, and leisure industries are experiencing significant challenges largely stemmed from President Trump's global tariff policies. These create uncertainty and increased costs, exacerbated by recent hikes in wage-related expenses and changes in business rates. Amanda French from Clarke Willmott LLP highlights that the sector is under strain as UK businesses face rising operational costs and anticipate the negative impacts of potential future US tariffs. Despite a temporary pause in new tariffs, deep uncertainty remains as the trade battle with China continues, leaving UK firms vulnerable to supply chain volatility and shifting consumer behaviors.
Retailers were already dealing with an additional £5.6 billion in costs from the October Budget, driven by rises in the National Living Wage, National Minimum Wage, and employers' National Insurance contributions.
There remains deep uncertainty about what happens after the 90-day pause, especially as the US continues its tit-for-tat trade battle with China.
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