A recent snap poll from the British Chambers of Commerce highlighted significant repercussions for UK businesses due to US tariffs. The survey of over 600 firms indicated that 62% of businesses with exposure to the US expect adverse effects, with 20% reporting significant negative impacts. Alternatively, some firms saw the tariffs as less harsh than anticipated, with 40% considering the 10% tariff manageable. Many firms are contemplating changing suppliers or absorbing costs, although a large portion is hesitant to take immediate action.
We export components to SE Asia, our customers export to the USA. We will be hit with a loss of export business and reduced margins.
This will be a massive negative impact for our company. Without definitive duties, we struggle to price for customers, leading to fewer trades.
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