Reacting to the latest remarks by the US President on tariffs,
William Bain, BCC Head of Trade Policy, said: "Businesses have been plunged into more uncertainty around the
future of tariffs on UK goods after the President’s announcements last
night.
“The signals from the White House, last week, had suggested there
had been productive discussions around trade and the risk of punitive tariffs
had receded.
“But we are now staring down the barrel again. Alongside steel and
aluminium tariffs of 25% next week, we are also facing similar additional
charges for copper and lumber.
“It is still uncertain if the UK can cut a deal around the new US
reciprocal tariffs, due to take effect on April 2. These would apply an
effective 24% tariff on affected UK goods, if VAT is factored in.
“The President also confirmed last night that tariffs on
agricultural products will be introduced at the start of April.
“While there is some small comfort that a dialogue between the UK
Government and US Administration is underway, the level of uncertainty on the
trade landscape has soared.
“We believe that the effects of these proposed tariffs should be
suspended while discussions between the UK and US are ongoing.
“Reaching agreement on trade and tariffs would allow companies on
either side of the Atlantic to invest, export and grow from a solid platform of
£300bn in bilateral trade each year, and £700bn of US inward investment stock
in the UK.”