The UK will be hit with a 10% US tariff from tomorrow morning, after the Trump administration finalised sweeping new duties on dozens of trading partners. Britain is among 17 allies, alongside Canada, the EU and Mexico, placed in the lower 10% band, while 43 countries including Japan, China and Australia face a higher 12.5% rate. Small mercies…
The duties follow a five-month US investigation into how trading partners tackle forced labour in their supply chains, and take effect as the previous global 10% tariff expires. The UK government is playing it cool so far:
“There is no negative change to the tariff rate facing UK businesses as a result of this announcement. Our agreement with the US remains in place, and today we see an improvement to our trading terms with zero tariffs on whisky and medical technology.
“We take forced labour very seriously to ensure that in global supply chains UK businesses are not complicit. The US has recognised the steps the UK is taking, which is why there are no additional tariffs for the UK under this announcement.”
Keen not to rock the boat…
Robert Jenrick told a rally on Monday:
“They say Chancellors are either undertakers or bookies. This one is an ostrich – and when the Chancellor buries his head in the sand, the rest of us, we’re left staring at his you know what.”