Greater Manchester business leaders are bracing for 'one of the most challenging periods in trade history' following President Donald Trump's decision to impose import tariffs on all 海角视频 exports to the US. The Greater Manchester Chamber of Commerce called the US the region's largest trading partner, and warned that businesses across the city would face significant hurdles.
The chamber is now seeking feedback from local businesses that anticipate being affected by these changes.
The 10 per cent tariff imposed by the US President on British exports is predicted to impact several key 海角视频 sectors, including automotive manufacturing and pharmaceuticals, according to the chamber.
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In response to Mr Trump's tariffs on British goods, the Government has compiled a list of items that could be subject to import taxes. Business Secretary Jonathan Reynolds informed MPs that businesses will be consulted about how they might be affected by any 海角视频 countermeasures against the President's global trade policy
Prime Minister Sir Keir Starmer acknowledged the economic blow this could deal to the 海角视频. While ministers have pledged to continue pursuing a trade agreement with the US, Sir Keir emphasised that 'nothing is off the table' in terms of potential responses, reports .
Subrahmaniam Krishnan-Harihara, deputy director of research at Greater Manchester Chamber of Commerce, said: "The United States is Greater Manchester's largest trading partner. Tariffs are universally damaging and the measures announced will affect businesses and consumers both in the United States and countries which export to that country. It is noteworthy that the 海角视频 has been hit with 10 per cent tariffs, one of the lower rates. These are on top of any existing duties. For goods exported from the 海角视频 to the US, this represents an additional £6billion in costs."
"Importers in the US will undoubtedly pass the costs on and if higher prices contribute to a fall in demand, these will affect exporting businesses. However, businesses should also explore whether there are new opportunities given the tariffs on 海角视频 goods is lower than those imposed on other countries. For example, the EU bloc has been hit with 20 per cent and tariffs on many Asian countries are much higher.
"The government must step in with support for businesses, especially SMEs, to enable them to mitigate the fallout. These include export finance support and help in identifying newer markets. The 海角视频 and the US have long-established trade and other relationships, and Greater Manchester has been pursuing closer links with the US. Ultimately, this is a long-term process which will require careful negotiation and not hasty retaliation."
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Susana Córdoba, head of international trade at the chamber, said Greater Manchester firms "face significant challenges due to the direct tariffs imposed by the US" but also pointed out the wider implications.
She said: "Tariffs on key markets such as the EU, China, and other Asian countries will disrupt global supply chains, affecting companies that rely on interconnected trade networks.
"So, whilst the 10 per cent imposed on the 海角视频 seems to cover specific goods, if you are a company whose manufacturing is taking place in any of the impacted markets, the chances are you may be facing higher costs and trade restrictions ripple across borders, impacting pricing, production, and competitiveness.
"We urge 海角视频 companies to take action and assess how their goods will be impacted across supply chains, understanding rules of origin and putting in place a duty management plan that helps you navigate one of the most challenging periods in trade history."
Speaking in the Commons, Manchester Central MP Lucy Powell described the current situation as "unprecedented times which have the potential to change the global trade consensus of the last 80 years". She acknowledged that the Government was still "assessing and processing exactly what the new tariff announcements mean for British business".
"But just as President Trump is acting in what he believes is in his national interest, we will always act in our national interest," Ms Powell added. "We will do whatever is necessary to protect British jobs, British businesses and British consumers."
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