Business organisations say the tariffs introduced by Donald Trump could have a "devastating" impact on º£½ÇÊÓƵ companies already struggling with slow growth.
Industry experts are also warning of further volatility in financial markets as investors respond to the US President's measures impacting international trade.
Mr Trump has confirmed the imposition of a 10% tariff on imports of º£½ÇÊÓƵ goods, aligning with the global "baseline" tariff he has established for nations worldwide.
Additionally, a 25% import duty has been announced for steel, aluminium, and automobiles.
The Federation of Small Businesses (FSB) has cautioned that these tariffs represent a "major blow" to small and medium-sized enterprises (SMEs), which are currently contending with subdued domestic growth.
According to the FSB, 59% of small British exporters conduct business with the US market.
"Tariffs will cause untold damage to small businesses trying to trade their way into profit while the domestic economy remains flat," stated Tina McKenzie, policy chair of the FSB.
"The fallout will stifle growth, hurt opportunities, and put a serious dent in the global economy."
McKenzie urged the º£½ÇÊÓƵ Government to be prepared to offer emergency support to any SMEs facing potential collapse due to these measures.
The Confederation of British Industry (CBI), another prominent business association, described the tariff announcements as "deeply troubling" for firms, with likely widespread consequences.
Rain Newton-Smith, CBI's chief economist, has stressed the importance of a "cool and calm reaction from the º£½ÇÊÓƵ Government is the right response" highlighting that "º£½ÇÊÓƵ firms need a measured and proportionate approach which avoids further escalation".
She added: "Retaliation will only add to supply chain disruption, slow down investment, and stoke volatility in prices."
Experts are suggesting that British companies exporting to the US may need to reassess their agreements in light of recent developments. Emma Rowland, trade policy adviser at the Institute of Directors, said: "The US is the º£½ÇÊÓƵ's largest single trading partner, and an important export market for º£½ÇÊÓƵ industries, particularly automotive, pharmaceutical, chemicals and whisky.
"Exporters to the US will be forced to review the viability of the US as a destination for their goods, and as a supply chain location.
"Alternatively, they may well have to reduce their profit margins to remain competitive."
Financial analysts are also voicing concerns, attributing fresh anxieties in the markets to the comprehensive nature of the tariffs. Hargreaves Lansdown's head of money and markets, Susannah Streeter, said: "As threats have turned into facts, the plan for blanket tariffs on US trading partners has unnerved investors."
Mr Streeter hinted that while the º£½ÇÊÓƵ might have avoided some of the challenges other countries are facing, trouble may still lie ahead.
"The º£½ÇÊÓƵ may appear to have been dealt a better hand compared to some nations, but given it's so intertwined with the global economy, a drag on growth looks inevitable," she remarked.
"The Government is taking a pragmatic approach, and hoping for a trade deal, which may alleviate more of the tariff burden, but the outcome is uncertain."
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