Tariffs more likely to bring UK price cuts than inflation, says WH Smith boss

Carl Cowling said the company had not seen any disruption to deliveries from overseas suppliers owing to the rapidly changing news on tariffs. Photograph: Mauritz Antin/EPA

Donald Trump’s tariff war is more likely to lead to price cuts than inflation for many retailers in the UK, according to the boss of WH Smith, as east Asian suppliers seek alternatives to the US.

Many economists including those at the Organisation for Economic Co-operation and Development (OECD) have suggested that increased barriers to trade could fuel inflationary pressures across the globe.