The UK exported nearly £60 billion worth of goods to the US last year, with the food and drink sector significantly contributing to this total. Following President Trump's tariff announcement, British exporters, including Joe & Seph's luxury popcorn brand, are feeling a pinch as US retailers postpone orders. Despite the increased tariff from 5.8% to 10%, Joe & Seph's views it somewhat favorably compared to higher tariffs on European goods. The company is now shifting its focus towards growing markets in the Middle East and Asia while still hoping for increased US sales as demand dynamics shift.
The UK food and drink industry sees billions in exports to the US, but tariff uncertainties have retailers delaying orders, significantly impacting UK businesses like Joe & Seph's.
Despite the impending tariffs hurting orders, Joe & Seph's plans to focus more on the Middle East and Asia, as the US is still crucial to their growth strategy.
The increase from a 5.8% tariff to 10% is less severe than other countries' tariffs, potentially making UK products more attractive to US retailers wary of higher costs elsewhere.
The repercussions of the tariff announcements might surprisingly lead US retailers to increase sourcing from the UK, due to fears of rising costs from the European Union.
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