Revealed: The true cost of Trump’s tariffs on UK small businesses
How much our small businesses fear losing this year under Trump’s tariffs
- A new report indicates that a third of small UK businesses anticipate losses of up to £20,000 this year due to the uncertainty caused by Donald Trump’s trade tariffs.
- Three in ten small and medium enterprises (SMEs) expect tariff-related costs between £10,000 and £20,000, with an average anticipated loss of £17,000 per business, particularly affecting the services sector.
- Volatile exchange rates, specifically the strengthening pound against the dollar, are significantly squeezing profit margins for UK exporters.
- Over half of UK businesses exporting to the US, and nearly half of all exporters, foresee a decrease in future trade volumes, citing tariffs and customs regulations as primary concerns.
- Many UK firms are now looking beyond the US for new trade partners, with China emerging as the most popular alternative for both importers and exporters.