‘It’s clear that the tariffs announced by President Trump will have a serious impact in the UK, despite the general 10% tariff being lower than the 20% applied to the EU. And of course, car and certain other exports will be subject to a 25% tariff. It’s important that the government continues to respond in a calm and considered manner and looks to agree a deal which is good for the UK and will reduce the tariffs or otherwise mitigate the impacts here.
“In the meantime, we are seeing instant economic turbulence because of the tariffs and economies around the world will be hit. Businesses in Essex will not be immune, including those who do not themselves export to the US.
“So, it is vitally important that the government does not give up on negotiations. Tariffs can be lifted at any time and the US has signalled its willingness to do some form of deal with us.
“The government should keep everything on the table during talks, but retaliatory tariffs should only be a last resort. The government has today said that it is seeking business views on what measures could be taken in response.
“Many firms, especially SMEs, will now be facing difficult decisions and we urge government to do all it can to provide practical support to them. The advice from the British Chambers of Commerce is that businesses directly affected should immediately start negotiations with their US customers on managing the impact of these tariffs, as depending on their contracts, there may be deals to be done. In the long-term exploring replacement markets, especially the EU, CPTPP countries or other trade deals, due to be made later this year, will be options.
“We are keen that our members keep us informed about how tariffs are affecting them, especially if they will have serious negative impacts, so that we can keep the Department for Business and Trade informed.”
The Government is seeking business views on response to the US tariffs. Read the Business & Trade Secretary’s statement to Parliament on the imposition of US tariffs.
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04.04.2025
