US tariffs could hit UK consumers, Bailey says

Published On Mar 5, 2025, 1:58 PM

Bank of England officials, including Governor Andrew Bailey, are expressing significant concern over the impact of US President Donald Trump's tariffs on the UK economy and global trade. They warned that these trade tensions could result in reduced consumer spending in the UK, hinder economic growth, and create uncertainty for businesses. Tariffs could create downward pressure on UK goods exports to the US, complicating supply chains and potentially raising inflation. Experts agree that the risks associated with the tariffs likely outweigh the potential benefits, posing serious challenges for both the UK and global economies.