Trump tariffs could cost UK £22bn of exports

Published On Nov 8, 2024, 2:06 PM

A new analysis indicates that the UK could face a £22 billion decrease in exports if Donald Trump implements a 20% tariff on all imports into the US, potentially leading to a 0.8% drop in the UK's economic output. Key sectors such as fishing, petroleum, mining, and pharmaceuticals are expected to suffer significant losses, while reduced competition from Chinese imports could benefit the textiles and clothing sectors. There are concerns among UK officials regarding the implications of potential tariffs, with the IMF warning that a global trade war could significantly impact the world economy.