{"id":33550,"date":"2025-04-03T11:04:48","date_gmt":"2025-04-03T11:04:48","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/?post_type=knowledge&#038;p=33550"},"modified":"2025-05-22T13:02:54","modified_gmt":"2025-05-22T13:02:54","slug":"trump-tariff-eu-impact-on-uk-business","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/trump-tariff-eu-impact-on-uk-business\/","title":{"rendered":"Trump\u2019s tariffs  \u2013 how could they affect UK businesses?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">US President Donald Trump has introduced sweeping global tariffs on imports into the United States. A 10 per cent tariff has been imposed on the UK while other key trade partners, such as the EU and China, received much higher rates.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The President has made it his goal to increase domestic production whilst responding to what he considers unfair trade policies placed on America by the rest of the world.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read on to find out how Trump\u2019s tariffs will work, the potential impact on small businesses, plus how the UK and EU governments have reacted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What nations will be affected by Trump\u2019s tariffs?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Every nation will be affected by Trump\u2019s tariffs but the rates vary for each country. There\u2019s a base 10 per cent tariff on all countries but more substantial charges for nations Trump calls the \u2018worst offenders\u2019.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By this, he means countries that have imposed higher tariffs on the US while placing \u2018non-tariff barriers\u2019 to trade. The countries that have received the highest rates against them are:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">China \u2013 54 per cent&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">The European Union \u2013 20 per cent&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">South Africa \u2013 30 per cent&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Japan \u2013 24 per cent&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Taiwan \u2013 32 per cent&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Cambodia \u2013 49 per cent&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Vietnam \u2013 46 per cent&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Thailand \u2013 36 per cent&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This doesn\u2019t include the import fees already implemented, like the additional 20 per cent on all Chinese imports and the 10 per cent tariff on energy imports from Canada.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Plus, Mexico and Canada, two of the US biggest trade partners, avoided additional tariffs.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Trump&#8217;s tariffs \u2013 how could they affect UK businesses?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The way your business will be affected by tariffs depends on how much you export to the US. If the US market is a key part of your customer base, you\u2019ll be hit with higher taxes.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many businesses may choose to pass on higher exporting fees to the consumer by raising prices for customers in those markets. While others could front the cost to keep their prices competitive.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Certain industries will be hit harder than others. The automotive industry is the UK\u2019s largest export to the US and has been hit by the highest tariff (25 per cent).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While these products follow close behind:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">medicinal and pharmaceutical products \u2013 \u00a36.6bn exported to US in 2024&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">mechanical power generators \u2013 \u00a34.6bn exported to US in 2024&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">scientific instruments \u2013 \u00a32.4bn exported to US in 2024&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">aircrafts \u2013 \u00a32.2bn exported to US in 2024&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">All of those industries will be exposed to the 10 per cent tariff placed on the UK.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And as the last few years have proved, economic instability tends to impact businesses and borrowing rates stay high and consumer spending becomes more cautious.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-30c80bf8 wp-block-group-is-layout-constrained\" style=\"border-radius:35px;margin-top:var(--wp--preset--spacing--90);margin-bottom:var(--wp--preset--spacing--90);padding-top:var(--wp--preset--spacing--90);padding-right:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--90);padding-left:var(--wp--preset--spacing--90)\">\n<h3 class=\"wp-block-heading\" id=\"h-trump-s-tariff-on-steel-and-aluminium-still-stand-s\"><strong>Trump\u2019s tariff on steel and aluminium still stand<\/strong>s<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On 12 March 2025, the US announced a global tariff on imports of steel and aluminium.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies in the United States that import British steel and aluminium need to pay a 25 per cent levy, which is reported to have caused lower orders or cancelled contracts for UK suppliers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s estimated that the tariffs could affect over \u00a32 billion (five per cent) worth of the UK\u2019s annual exports to the US.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What do Trump\u2019s tariffs mean for the UK economy?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The direct impact of these tariffs on the UK is likely to be complicated. As the dynamic of world trade shifts, the UK market could benefit from more investment that would have otherwise gone to the US.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But in the <a href=\"https:\/\/obr.uk\/efo\/economic-and-fiscal-outlook-march-2025\/\" rel=\"noopener noreferrer\" target=\"_blank\">OBR\u2019s forecast<\/a> before the Spring Statement, they analysed the potential impact on the UK\u2019s growth, predicting a one per cent decrease in growth. But that was based on a predicted tariff of 20 per cent, rather than the actual 10 per cent that\u2019s been placed on the UK.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A knock-on effect of the economic uncertainty is that interest rates could stay higher for longer. The Bank of England (BoE) indicated the US tariffs were part of their reasoning for not reducing interest rates in March.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And with the governor of the BoE, Andrew Bailey, saying they\u2019re \u201clooking very closely\u201d at the tariffs, any economic fallout could have a direct impact on our interest rates.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read more: <\/strong><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/income\/what-is-inflation\/\" data-type=\"knowledge\" data-id=\"1178\">CPI rates \u2013 how inflation affects your business<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How will the UK respond to Trump&#8217;s tariffs?&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The UK has two options \u2013 accept the tariff or retaliate with a counter tariff. Before the extent of the tariffs were announced, The Prime Minister, Sir Keir Starmer, said: \u201cI really do think it is not sensible to say the first response should be to jump into a trade war with the US\u201d. This appears to suggest that the first option is the most likely.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But there\u2019s speculation that the UK could work towards a unique trade deal with the US, that could lead to lower tariffs across the board or just for certain industries.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/cn05dge02vzo\" rel=\"noopener noreferrer\" target=\"_blank\">BBC reported<\/a> the deal could focus on technology exports as well as elements of the goods and services trade plus agriculture.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And Chancellor Rachel Reeves has suggested the UK might revisit the digital services tax levy for American tech companies that was introduced in 2020.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why is Trump putting tariffs on imports to the US?&nbsp;<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ever since he won the US election in November, Trump has claimed he would place tariffs on imported goods. Going as far as to say that tariff is \u201c<a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-10-15\/in-trump-s-economic-plan-tariff-is-the-most-beautiful-word\" rel=\"noopener noreferrer\" target=\"_blank\">the most beautiful word in the dictionary<\/a>\u201d.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The President hopes that tariffs will encourage domestic production of things like metal, and subsequently improve the US economy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, many commentators have said that strict tariffs could lead to higher prices for US consumers, with fears of a recession growing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is \u2018liberation day\u2019?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2018Liberation day\u2019 is the day (2 April 2025) Donald Trump announced his global tariffs. He coined the term to express the US\u2019s change in strategy to global trade and no longer accepting being \u2018ripped off\u2019 by the rest of the world.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before announcing the global tariffs, President Trump said: \u201cThis is one of the most important days, in my opinion, in American history. It\u2019s our declaration of economic independence. For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense, but now it\u2019s our turn to prosper.\u201d<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-30c80bf8 wp-block-group-is-layout-constrained\" style=\"border-radius:35px;margin-top:var(--wp--preset--spacing--90);margin-bottom:var(--wp--preset--spacing--90);padding-top:var(--wp--preset--spacing--90);padding-right:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--90);padding-left:var(--wp--preset--spacing--90)\">\n<h3 class=\"wp-block-heading\" id=\"h-will-there-be-a-global-trade-war-nbsp\">Will there be a global trade war?<strong>&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">With China, South Korea, and the EU planning to retaliate to the fresh tariffs, a global trade war could be on the horizon. But there\u2019s a sense that some nations would rather negotiate than escalate matters with a like-for-like approach.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">European Commission President Ursula von der Leyen condemned the tariffs, saying they\u2019re a \u2018major blow\u2019 for the world economy. And if the EU is unable to negotiate, they\u2019ll introduce their own countermeasures.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And China, who have been hit hardest by an additional 34 per cent tariff on top of the existing 20 per cent, have said they\u2019ll \u201cresolutely take countermeasures to safeguard its own rights and interests.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The outcome of the negotiations and the way other countries choose to respond to the tariffs will decide if there\u2019ll be a global trade war.&nbsp;<\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-more-helpful-business-guides\"><strong>More helpful business guides<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/strategy\/small-business-strategy-examples\/\" data-type=\"knowledge\" data-id=\"17765\">What is business strategy? Ultimate guide to growing your business<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-structure\/eu-to-uk-imports\/\" data-type=\"knowledge\" data-id=\"29189\">EU to UK imports: new rules announced for UK businesses<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/retail\/international-shipping-from-uk\/\" data-type=\"knowledge\" data-id=\"1307\">International shipping from UK: a guide for small businesses<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/retail\/what-is-a-commodity-code\/\" data-type=\"knowledge\" data-id=\"1256\">Commodity code checker for businesses<\/a><\/li>\n<\/ul>\n\n\n\n<div id=\"nba-upsell-001\" class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\">Ready to set up your cover?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">As one of the UK&#8217;s biggest <a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\" >business insurance<\/a> providers, we specialise in <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a> and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tariffs could affect over \u00a32 billion of the UK\u2019s annual US exports.<\/p>\n","protected":false},"author":44,"featured_media":34617,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":false,"footnotes":""},"categories":[341,110],"hidden-category":[],"coauthors":[20],"class_list":["post-33550","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-strategy","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trump\u2019s tariffs \u2013 how could they affect UK businesses?<\/title>\n<meta name=\"description\" content=\"What is the latest Trump tariff news and how could they affect UK businesses who export products to the United States? 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A trained journalist, Conor\u2019s previous experience includes writing for several leading online property trade publications. 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