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
Small Business Britain is set to roll out its Small and Mighty Enterprise Programme, a six-week online course designed to help sole traders and micro businesses unlock growth opportunities.
With just 10 weeks or so to go until the new tax year, many businesses are preparing for the changes that Making Tax Digital (MTD) will bring. From April, sole traders and landlords with an income of over £50,000 will need to submit quarterly updates to HMRC.