• Membership
  • Advert Rates
  • Careers
  • About Us
  • Contact Us
  • Digital Store
Sunday, June 1, 2025
The Trumpet Newspaper Nigeria
No Result
View All Result
  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition
  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition
No Result
View All Result
The Trumpet Newspaper Nigeria
No Result
View All Result
ADVERTISEMENT
Home News

U.S. President-elect Donald Trump tariffs threaten billions in British exports

U.K. businesses weigh impact of Trump’s presidency on trade with largest export market

Edu Abade by Edu Abade
November 8, 2024
in News
Reading Time: 4 mins read
0
U.S. President-elect Donald Trump tariffs threaten billions in British exports

President-elect of the United States of America, Donald Trump

0
SHARES
8
VIEWS
Share on FacebookShare on TwitterShare on LinkedinShare on WhatsAppShare on Pinterest

President-elect of the United States of America, Donald Trump’s looming threat of United States (U.S.) trade tariffs could hit tens of billions of pounds of U.K. exports-sending shockwaves through the British economy.
A report by TradeBriefs indicated The Republican is set to return to the White House on January 20, 2025 after claiming a stunning victory over Democratic opponent Kamala Harris in the U.S. presidential election.

As the dust settles, businesses across the pond are weighing the impact Trump’s second presidency-and its threat of tariffs on all U.S. imports-will have on trade with their largest export market.

ADVERTISEMENT

Head of the Chartered Institute of Export and International Trade, Marco Forgione, said: “They have reasons to fear the worst, because during the electioneering campaign, Trump has been very clear that it is entirely America first, and that his intention is to drive investment into the U.S., to re-shore as much manufacturing and production as possible and to use trade as a significant geopolitical weapon.

“Trump has by his own admission been a fan of the U.K., but we shouldn’t just rest on our laurels and assume that there won’t be implications for U.K. producers.”

Among the intimidating weapons in Trump’s trade armory is the threat of a flat tariff of between 10-20 percent on all U.S. imports, as well as 60 percent tariffs on goods from China. Given the U.S. is by far the U.K.’s largest export market for goods, the impact on the British economy cannot be underestimated, economists say.

Also speaking on the implications of Trump’s presidency on U.K.-U.S. trade, International Programmes Manager at the Institute of Economic Affairs, Harrison Griffiths, said the prospect of import tariffs should “ring alarm bells” for businesses in the U.K., which exported goods worth over £58.3 billion to the U.S. in the year leading up to August 2024.

“Our main goods exporters to the USA, including some of our most specialized and highest value sectors like vehicle manufacturers, the aerospace industry and pharmaceutical producers, would be at the greatest risk of losses,” he said.

Principal Economist at the U.K.’s National Institute of Economic and Social Research (NIESR), Ahmet Kaya, noted British exporters would face higher costs “not just when exporting to the U.S., but also to other countries,” which may also impose retaliatory tariffs.

“The U.K. economy is likely to be affected significantly due to a potential increase in tariffs, with growth rates being 0.7 percent and 0.5 percent lower in the first two years after the tariffs [were] implemented,” Kaya added.
Describing the development as being “caught in the crossfire,” it is also argued that one of the industries bracing for tariffs is Britain’s lucrative drinks business.

Chief Executive of the Wine and Spirit Trade Association (WSTA), Miles Beale, said the sector had “clear concerns inherited from President Trump’s first term,” including “becoming collateral damage in non-industry related trade disputes once again.”

The U.S. is currently the largest export destination for Scotch whisky by value, with exports worth £978 million in 2023.

Read Also: Trump: Americans have spoken, Biden rallies Democratic supporters

Beale was referring to the 25 percent retaliatory tariff on single malt Scotch whisky which Trump imposed back in 2019, sparking a drop in U.K. exports.

But BritishAmerican Business Chief, Duncan Edwards doesn’t think Trump’s policy has been developed with the aim of targeting British exporters to the U.S., maintaining: Their real concern is countries that have a trade surplus with the U.S. and yet have higher tariffs on imports than America has on imports from them. For the U.K. trade on goods, it’s more or less balanced. The U.K. is not the target here.”

But that doesn’t mean U.K. business won’t be caught in the crossfire, because, “Cumulatively, U.K. GDP would be lower by around 2.5 percent lower than without additional tariffs in three years after the introduction of new trade tariffs,” Kaya said, although this is at the upper end of economists’ estimates.

Policy Chair at the Federation of Small Businesses, Tina McKenzie, said smaller businesses would be hit hardest, adding: “The U.S. is the number one top non-European market for U.K. small international traders.

“The overall costs of trade is already one of the key barriers facing U.K. small firms trading overseas. Any new tariffs and non-tariff barriers would hit small exporters and potential exporters the most.”

For her part, U.K. Chancellor, Rachel Reeves, played down fears of an impending trade war during a hearing in parliament on Wednesday, saying: ‘We’re not a passive actor’.

“President Trump has been president of the United States before, and we continue to have a strong and healthy economic relationship, and we as a government will continue to make the case for free trade,” she said.
But she indicated that the U.K. would not sit quietly if the U.S. imposed tariffs.

“We’re not just a passive actor in this … We will make strong representations about the importance of free and open trade, not just between ourselves in the United States, but globally. And the U.S. also benefits from that access to free and open trade with us and other countries around the world.

“We’ll prepare for different eventualities but I absolutely do not want to sound in any way sanguine,” she added.

Tags: British economyPresident-elect Donald Trumptariffs threaten billions in British exports
Previous Post

Ruud van Nistelrooy’s future uncertain at Manchester United as players rally behind Interim Boss

Next Post

African environmentalists canvass decisive climate action as COP29 approaches

Edu Abade

Edu Abade

Next Post
African environmentalists canvass decisive climate action as COP29 approaches

African environmentalists canvass decisive climate action as COP29 approaches

About The Trumpet

The Trumpet is a Nigerian based national news media, owned, trademarked and operated by Elomaz Communications Limited with headquarters in FCT-Abuja and regional offices in Lagos and Delta States

Follow Us

Resources

  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition

Recent News

Gov. Yusuf declares Monday public holiday to mourn 22 athletes

Gov. Yusuf declares Monday public holiday to mourn 22 athletes

June 1, 2025
Police arrest 3 suspected cultists, recover firearm in Ikorodu

Police arrest 3 suspected cultists, recover firearm in Ikorodu

June 1, 2025
  • Cookie Policy
  • Disclaimer
  • Contact us
  • About Us
  • Cookie Policy
  • Disclaimer
  • Contact us
  • About Us

© 2025 The Trumpet News Papers - Developed by VIS Nigeria.

No Result
View All Result
  • Home
  • News
    • Breaking News
    • Headlines
    • Metro
    • Health
  • Politics
  • Business
    • Ecommerce
    • Economy
    • Start-up
  • Entertainment
  • Sports
  • Opinion
    • Religion
    • Columnists
    • Contributors
    • Editorial
  • Global
    • Climate
    • Culture
    • Tourism
    • Technology
    • Weather
    • Social Media
  • e-Edition

© 2025 The Trumpet News Papers - Developed by VIS Nigeria.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Go to mobile version
Verified by MonsterInsights