President Donald Trump has now targeted the entire world after announcing sweeping tariffs of 10% or more on US Liberation Day.
The president argues that these measures will address trading imbalances, protect American jobs and manufacturing, and allow the US to economically flourish.
The UK will received a 10% base tariff, along with countries such as Australia, Argentina, Brazil, New Zealand, Saudi Arabia and Singapore, which becomes effective on April 5th.
However, many other countries will receive specific customised tariffs from April 9th. Some of the tariff rates are highlighted below.
European Union: 20%
China: 54%
Japan: 24%
South Africa: 30%
Taiwan: 32%
Thailand: 36%
Vietnam: 46%
Canada and Mexico will not be subject to additional tariffs, having received specific attention previously.
The measures has naturally been met with fierce opposition. EU leader Ursula von der Leyen suggests the tariffs are “a major blow to the world economy”, while China has already stated it will take “resolute countermeasures” against the US.
PM Keir Starmer has said “clearly there will be an economic impact” on the UK, but promises the government will respond with “cool and calm heads”.
Several global economists are predicting the US will see a steep rise in the cost of living, with the tariffs expected to cost an average American household around $5,000 per year.
For further information, or to discuss shipments enroute, please do not hesitate to contact a member of the Killick Martin team.
