The US administration’s announcement of a 90-day pause in relation to the trade tariffs was cautiously welcomed across the globe with some notable exceptions. However, the tariffs are expected to significantly impact global economies and trade dynamics. UK businesses are now evaluating the situation, considering the implications, and exploring potential mitigation strategies. It is important to remember that this is a highly fluid situation that may change and evolve in the coming weeks and months.
According to KPMG, the UK’s overall trade position has been received more favourably than others, with the baseline flat rate of 10% imposed from 5th April, although this will still create significant impacts in certain sectors.
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