The implementation of a 10 percent tariff on UK products by the US poses significant challenges for small to medium-sized enterprises (SMEs) in the UK. Entrepreneurs like Louise Verity, whose business Bookishly relies on the US market, express deep concern about the impact on sales and customer relations. Despite the tariff being less severe than others, experts warn it will still hurt growth and opportunities for many, as small businesses struggle to adapt in a flat domestic economy amid ongoing uncertainties in trade relations.
"The news of 10 percent tariffs on UK-US trade is a major blow to SMEs. Currently, 59 percent of small UK exporters sell into the US market."
"I can't say to everyone, 'Don't worry, we will be OK.' Because I don't know."
"If it was 30 percent, I would be giving up and waiting for it all to collapse. It is still a lot to try and absorb."
"This tariff attempt by Donald Trump to boost the US's finances comes at a cost to almost everyone else."
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