A lot of Brits – in particular, those who own businesses – have been left perturbed by Donald Trump’s tariffs on steel and aluminium imports.
From today (12 March), there will be a 25 percent surcharge on any of the metals which are brought into the US from abroad, including on imports from the UK.
Industry bosses on our side of the pond have warned that Trump‘s hike in taxes on goods is comparable to ‘taking a sledgehammer’ to free trade, with UK Steel saying it will have ‘huge ramifications’.
A host of people have been left pondering over what this actually means for our country, considering the US is our second largest export market for steel and aluminium after Europe
William Bain, head of trade policy for the British Chambers of Commerce (BCC), has now shared his expert opinion on what consequences Trump’s tariffs will have for the average person in the UK.
The BCC’S head of trade policy warned that it’s the average American who will pay the price for Trump’s tariffs (Alex Wong/Getty Images)The BCC’S head of trade policy warned that it’s the average American who will pay the price for Trump’s tariffs (Alex Wong/Getty Images)
The BCC’S head of trade policy warned that it’s the average American who will pay the price for Trump’s tariffs (Alex Wong/Getty Images)
He explained that this plunges both countries on either side of the Atlantic into a ‘new age of uncertainty’, while sharing a wartime-inspired call to action for business owners in Britain.
“Keep calm and carry on exporting,” Bain told LADbible. “These are quite difficult times, but it’s important to emphasise just how important our US/UK commercial relationships are.
“They’ve gone on for centuries, they will go on for centuries. We’ve had tariffs from the US before and we carried on trading. The important thing is not to panic.
“There will be some impacts here, but we can work to mitigate them.
“I think the strength of our commercial, cultural and many other ties with the US will win – we will get through this period and still continue to have a close relationship with the US economy and society.”
Starting off with a dose of positivity might hopefully make the rest of Bain’s assessment of the tariffs a bit easier to swallow – but don’t worry, us lot don’t come off too badly.
The trade policy chief, who advised on Brexit, explained that the BCC has been advising a host of UK firms over the last week about how to handle this situation – down to how to best go about contacting US customs.
UK business owners are hoping Starmer can smooth things out with the US President (CARL COURT/POOL/AFP via Getty Images)UK business owners are hoping Starmer can smooth things out with the US President (CARL COURT/POOL/AFP via Getty Images)
UK business owners are hoping Starmer can smooth things out with the US President (CARL COURT/POOL/AFP via Getty Images)
Bain said it’s a ‘really worrying and uncertain time’ for a host of business owners who are being forced to navigate this unknown territory alone, as these tariffs apply to a ‘broad range’ of steel and aluminium goods.
It’s not just the likes of car manufacturers who will feel the hit, as the former Labour MP explained that a lot of ‘downstream products’ are also slapped with the 25 percent tariffs too, rather than just large-scale exports.
“Things like tinfoil, a sofa that’s got a steel frame in it, construction materials that have steel plus a concrete element in it…it’s goods that have steel in them which are now affected as well,” he continued.
“So there’s a big range of companies affected by it, and it is a concern.”
Prime Minister Sir Keir Starmer said he intended to take a ‘pragmatic approach’ to the tariffs while negotiating an economic deal with the US.
Bain believes that the UK will probably start to notice the effects that the tariffs will have on trade with the US by mid-March, as he reckons there’s going to be a significant reduction in what we’re exporting.
Still, he remains certain that better days will be on the horizon soon enough…and if not, companies ought to consider prioritising commerce in other countries instead.
“Things will correct themselves over time,” Bain said. “Companies are putting strategies in place, they’ll look at diversifying trade as well. So they’ll adjust, but it could be a painful few weeks or months ahead.”
But it’s our American counterparts who are going to bear the brunt of this fallout, as they are the ones who have to put their hands in their pockets and fork out for the 25 percent tariffs.
Bain reckons that consumers in the States could end up coughing up at least another £14billion a year for these costs.
The US could cough up a hefty amount (Andrew Harnik/Getty Images)The US could cough up a hefty amount (Andrew Harnik/Getty Images)
The US could cough up a hefty amount (Andrew Harnik/Getty Images)
Despite this, Trump insisted the introduction of the tariffs marks the ‘beginning of making America rich again’, promising they will protect US manufacturing and increase jobs.
“It is a matter of fact that it is going to be the importers in the States who have to pay these taxes in order for the goods to be released from the port and go into supply chains or warehouses or shops,” Bain went on.
He added: “I think the concern for businesses over here is, will the customers in the US still want to buy at those prices? That is the concern, and also the uncertainty.
“[Trump] has chopped and changed an awful lot, sometimes every couple of hours. So businesses don’t know whether they are coming or going.”
Featured Image Credit: Andrew Harnik/Getty Images
Topics: UK News, Donald Trump, US News, World News, Business, Money, Politics, Originals
Olivia Burke
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NetBet have deals every day for this year’s Cheltenham Festival NetBet have deals every day for this year’s Cheltenham Festival
Home> Entertainment
Updated 16:26 11 Mar 2025 GMTPublished 16:27 11 Mar 2025 GMT
NetBet have deals every day for this year’s Cheltenham Festival
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Thomas Thorn
Thomas Thorn
NetBet
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Britain warned to prepare for ‘terrifying’ possibility as Donald Trump could make major decision against UKBritain warned to prepare for ‘terrifying’ possibility as Donald Trump could make major decision against UK
Home> News> UK News
Updated 12:43 6 Mar 2025 GMTPublished 12:28 6 Mar 2025 GMT
Britain warned to prepare for ‘terrifying’ possibility as Donald Trump could make major decision against UK
Although experts say it’s ‘extremely unlikely’ Trump would do it, you can’t put anything past the US President
Olivia Burke
Olivia Burke
Britain needs to be ready to react if Donald Trump pulls the plug on US support for the UK’s nuclear deterrent, experts have said.
It is the latest stark warning issued by security chiefs in recent days amid the tension surrounding the historic transatlantic alliance between the nations on either side of the pond.
It’s been a jam-packed week in the political sphere, especially in wake of Trump‘s explosive verbal tussle with Volodymyr Zelenskyy in the Oval Office.
A lot of Brits were left wondering where on earth we stand in all of this, as it came just days after Sir Keir Starmer sat down with the US President and days before he welcomed Ukraine‘s leader at Downing Street.
It seemed as though the Prime Minister was stuck between a rock and a hard place, while he later urged the warring political figures to ‘find a way that we can all work together’.
Starmer has made a point of shooting down Vice President JD Vance in recent days, after Trump’s deputy bizarrely described the UK as ‘a random country that hasn’t fought a war in 30 years’.
The PM also addressed the factually incorrect comments from Vance in the House of Commons yesterday (5 March), and even reform leader Nigel Farage was on the same page as the Labour leader.
Despite this stuff, Starmer has forged a decent relationship with Trump on the whole since taking office.
However, the UK has been warned to have its wits about, as the chumminess between the leaders doesn’t rid us of the risk that the US could effectively dismantle our nuclear deterrent.
Experts have warned that the UK could end up in a ‘terrifying’ position if Trump pulled the plug (Carl Court – Pool/Getty Images)Experts have warned that the UK could end up in a ‘terrifying’ position if Trump pulled the plug (Carl Court – Pool/Getty Images)
Experts have warned that the UK could end up in a ‘terrifying’ position if Trump pulled the plug (Carl Court – Pool/Getty Images)
The Trident nuclear-weapons system is part of our defence against weapons of mass destruction and it was created so that a retaliatory strike could be launched on any aggressors.
It is made up of four nuclear-powered Vanguard-class submarines, missiles and warheads, according to the BBC, and each sub is designed to carry 16 Trident missiles.
The UK has it’s own nuclear warheads, so we’re all okay on that front – but the problem is, they are fitted to US-made and maintained Trident ballistic missiles.
These are carried in the Royal Navy’s Vanguard Class submarines, who exercise control over these as soon as they are on the submarines.
But before they are actually loaded onboard, these are taken from a joint stockpile divvied between the UK and the US which is based in Georgia.
Although we’ve never had any trouble with accessing the missiles before, there’s a first time for everything – and experts have urged officials to create a suitable contingency plan.
Former British soldier turned defence industry analyst, Nicholas Drummond, reassured people it was ‘extremely unlikely’ that Trump would make such a move.
You can’t put anything past the US President, 78, these days (Annabelle Gordon for The Washington Post via Getty Images)You can’t put anything past the US President, 78, these days (Annabelle Gordon for The Washington Post via Getty Images)
You can’t put anything past the US President, 78, these days (Annabelle Gordon for The Washington Post via Getty Images)
Although the expert points out it would be a ‘strategic betrayal on a grand scale that would damage him and America’, as they say, you can never say never.
“When it comes to support and maintenance, I would say that we are largely dependent on the US for parts and technical assistance,” Drummond told The Times. “If this was withdrawn, it would also weaken our deterrent.
“Can you imagine a situation where Britain’s relationship with America is fractured and they refuse to give us Trident missiles through the agreement that is in place?
“It would render the billions we have invested in Dreadnought boats useless. A terrifying thought.
“Anyone who suggested this a year ago would have been dismissed as an idiot. Now it is a scenario that we need to plan for.”
Matthew Savill, the director of military sciences at the Royal United Services Institute think tank, also stressed the importance of the UK being prepared.
“If the US cut off support we would have a load of Trident missiles but at some point we would need to fashion our own missiles with somebody,” he said.
“We could in due course replace these things but the cost would be excruciating.”
Featured Image Credit: Annabelle Gordon for The Washington Post via Getty Images
Topics: UK News, US News, World News, Politics, Donald Trump, Keir Starmer
Olivia Burke
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How Donald Trump’s inauguration will affect people living in the UKHow Donald Trump’s inauguration will affect people living in the UK
Home> News> UK News
Updated 14:52 20 Jan 2025 GMTPublished 14:30 20 Jan 2025 GMT
How Donald Trump’s inauguration will affect people living in the UK
Donald Trump will be sworn in as America’s 47th president today (20 January)
Anish Vij
Anish Vij
Whenever there is a presidential inauguration, it’s always going to affect people living in the UK – along with the rest of the world.
With Donald Trump winning another term in the White House, he is set to become America’s 47th president when he is sworn in today (20 January).
The 78-year-old’s first term came in 2017 and, this time around, he is promising ‘a brand new day of American strength and prosperity, dignity and pride’.
For Britain, however, you best expect there to be some changes.
Potential for higher taxes or lower public spending in the UK
iNews reports that has already been increased volatility in the financial markets following his election win last year – and that will affect us across the pond.
Lindsay James, investment strategist at Quilter Investors, said that concerns about rising inflation and interest rates in the US could cause government borrowing costs in the UK to rise.
Ashley Webb, economist at Capital Economics, added: “We think Trump’s second term will result in faster US inflation and higher US interest rates, and that could spill over into higher UK gilt yields/borrowing costs.
“The rise in gilt yields has also raised the cost of borrowing for the Government. This may mean the Government will have to either increase taxes (which could hit households) or lower spending (which may mean worse public services).”
Higher inflation
Inflation around the world could go up when Trump gets into power, mainly because he is introducing tariffs on Chinese and world imports into America.
So if US inflation goes up, and the rest of the world impose tariffs on America, then inflation will go up for almost everyone.
James added: “The combination of domestic fiscal policies and external factors, including Trump’s election, has led to heightened inflation expectations.
“The Bank of England has adjusted its inflation forecasts upward for the next three years, indicating a potential delay in anticipated rate cuts.”
Donald Trump is promising big changes when he becomes America’s 47th president (Rebecca Noble/Getty Images)Donald Trump is promising big changes when he becomes America’s 47th president (Rebecca Noble/Getty Images)
Donald Trump is promising big changes when he becomes America’s 47th president (Rebecca Noble/Getty Images)
Higher interest rates and higher mortgage rates
Stephen Millard of the National Institute of Economic and Social Research (NIESR) explained: “The main impact on households will be via interest rates. It is likely that the US Federal Deficit will increase as a result of Trump’s election.”
He also said the strengthening of the US dollar against the pound could lead to a ‘knock on effect on inflation.”
Millard added that Brits will likely feel this through either higher household bills or higher mortgage rates.
Rising prices in shops
If the dollar strengthens then you’ll get less bang for your buck.
Combined with higher tariffs, consumer prices in the UK could increase.
Thankfully, Britain’s trade with America is largely on the service industry, so prices on the shelves aren’t that likely to go up.
Damage to businesses
Given that the US was the single biggest market for UK traded goods in 2023, if Trump’s tariffs would make it a lot more expensive to do business.
With higher tariffs, UK prices of items in the US are likely to rise, which would lessen the demand.
Equally, it could mean lower profit margins for British businesses.
Chancellor Rachel Reeves has said the UK will be making ‘strong representations’ to have a free trade relationship.
The inauguration is taking place today (20 January) (Kayla Bartkowski/Getty Images)
The inauguration is taking place today (20 January) (Kayla Bartkowski/Getty Images)
Holidays to America will be more expensive
Dan Coatsworth, investment analyst at AJ Bell, said the pound has ‘weakened by 5.9 per cent against the US dollar’, so anyone visiting the US will find their money doesn’t go as far.
He added: “For example, £1 will buy you $1.2189 today versus $1.2954 on 5 November 2024 when the election was held. Someone buying £3,000 worth of dollars for their holiday will now get $3,656 excluding FX commission – that’s $230 less than on election day ($3,886), which is a substantial drop.”
Affect on pensions
If we take workplace pensions as an example, most have around 40 percent of their money tied up in US stocks and shares.
So if the US stock market stays volatile, your investments and future pension value could be affected – but it may not all be bad news.
Justin Onuekwusi, CIO at St James’s Place, said: “Given Trump’s focus on international negotiations, sectors tied to international trade – particularly tech and consumer goods – may experience more volatility.
“On the other hand, his emphasis on deregulation and corporate tax cuts could give short-term boosts to industries like traditional energy, financials, and defence.”
Savings rates
High interest rates are considered to be good for your savings because they mean savers earn more interest on their money.
That being said, if inflation is also high, the value of your savings may be reduced.
Featured Image Credit: Rebecca Noble/Getty Images/Kayla Bartkowski/Getty Images
Topics: Donald Trump, US News, UK News, Politics
