- UK goods exports to the United States fell by 10.3 per cent to £59.2bn last year, primarily attributed to the introduction of US tariffs.
- This decline marks the first fall in British goods exports to the US since the Covid pandemic, despite the US remaining the UK's largest single trading partner.
- Key sectors severely impacted include footwear, clothing, handbags, and cars, with car exports experiencing a 28.1 per cent drop to £7.5bn.
- Business advisers suggest Britain needs to cultivate trade with other nations and reduce trade barriers with the EU to mitigate the uncertainty of the US export market.
- Further tariffs are expected, with the US treasury secretary indicating an imminent global 15 per cent tariff, despite a recent trade deal that reduced duties on British cars.
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