Proposed Trump Tariffs Could Impact UK Goods Trade as Severely as Brexit

Economists warn of significant challenges for UK goods exporters if the incoming US president implements his proposed 10-20% tariffs on imports.

The Resolution Foundation estimates that proposed US tariffs on goods imports could create trade barriers for the UK comparable in scale to Brexit's impact on EU trade.
UK goods exports to the US, valued at £62 billion annually, may face steep declines under a potential 10-20% tariff, while services exports are expected to be less affected.
Since Brexit, UK goods exports have grown only 0.3% annually, far below the OECD average of 4.2%, while services exports have grown 7.5%, surpassing the OECD average of 6.1%.
The think tank advises the UK government to focus on improving trade relations with the EU, which accounts for nearly half of UK goods exports, while also expanding global services trade.
Analysts suggest the UK economy might weather the tariffs better than expected, with potential currency shifts and strong services trade mitigating some economic impacts.