The UK Government is currently considering its response to the ‘reciprocal tariffs’ announced by the US President Donald Trump on 2 April.
Under the plans, a range of products exported from the UK to the USA would be subject to 10% tariffs. This is in addition to a 25% global tariff on cars, steel and aluminium imported into the USA. On Thursday last week, Business and Trade Secretary Jonathan Reynolds told Parliament that the UK is disappointed with the US tariffs and will continue constructive discussions with the US on a wider deal.
UK companies are being invited to give their views on what any future UK response should look like by providing feedback to questions asking them the average value of their US imports, the impact of any possible UK tariffs and how they would adjust to them.
The Government has also published an indicative list of the goods imported from the US that may be considered in a future UK response. The list does not include products in the wider public interest issues, such as medical supplies and military equipment.
The Business and Trade Secretary said “Our cool-headed, pragmatic approach means that talks with the US will continue to reflect our mandate to deliver economic stability, as we press the case for a trading relationship that supports businesses on both sides of the Atlantic, and reflects our Plan for Change and the best interests of the UK public.”
Ministers will continue to meet a broad range of businesses in the coming days to provide support and set out the Government’s priority of defending the interests of UK industry.
The four-week Request for Input will be open until Thursday 1 May and can be viewed here: https://www.gov.uk/government/publications/request-for-input-on-potential-uk-measures-in-response-to-us-tariffs
Aldi introduced a pay boost last week for its store assistants that will see their pay rise to at least £13.02 per hour nationwide, making it the first UK supermarket to pass the £13 mark. Within the M25, rates will start at £14.35, rising to £14.66 with length of service. All staff, regardless of age, will receive the same minimum rate – well above the new National Living Wage of £12.21.
The UK government is facing a fresh financial squeeze after long-term borrowing costs climbed to their highest level in a generation. The yield on 30-year government bonds (known as gilts) has reached 5.72% – the highest since 1998.
