The North East's key business membership group has urged the region's 4,000 exporters to remain composed amid the new US tariffs.
President Donald Trump has introduced tariffs on nations worldwide, imposing a 10% tax on British goods entering the US and placing them in the lowest "baseline" category. Despite this, the Prime Minister has warned that 海角视频 exporters could suffer because of the levy, commenting that the world is "entering a new era".
Sir Keir Starmer signalled his intent to negotiate a trade deal with the US rather than immediately retaliating with tariffs of its own, though he said "nothing is off the table". There was a sense of relief within the Government circles that Mr Trump had not targeted the 海角视频 for harsher measures - the European Union faced a 20% rate, Japan 24%, and imports from China into the US were subjected to a staggering 54% tariff. Asian nations, especially Myanmar, Cambodia and Laos, confronted some of the steepest Trump tariffs, with rates exceeding 40%.
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Following the announcement, John McCabe, CEO of the North East Chamber of Commerce, pointed out that the 10% tariff placed on 海角视频 goods and services represents the lower end of the extensive tariff list unveiled by President Trump last night, adding that this rate will likely be the cap for the 海角视频.
Mr McCabe said the latest tariffs signal a 'global reset' in trade dynamics, suggesting this development should initiate dialogue rather than end it.
Mr McCabe said: "We know this is a President who can very suddenly change course, especially when it comes to trade policy, so this is a time for cool heads and a measured response from government and business", reports .
"The North East has around 4,000 exporters with trade worth around £2bn with the USA. Alongside other significant markets, such as the EU, these new terms will reset global trade. The exact shape of this new landscape will become clearer in the weeks and months ahead. This is why it's vital that the Government, its diplomats and trade negotiators work hard for the best deal for 海角视频 firms and businesses right here in the North East.
"Trade is the backbone of the North East economy. From pharmaceuticals and cars to services such as legal and tech, we are good at this and the world wants what we have to offer. Today's announcement starts a conversation rather than ends one, and we'll be working very closely with our members here in the North East, as well as our partners across the worldwide British Chambers of Commerce network, to make sure their voices and views are heard loud and clear."
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Nima Beni, co-CEO of Seaham based Prima Cheese which exports its cheese products to businesses around the world, said: "Tariffs invariably pose a trade impediment, and this is no exception. Although Prima Cheese does not engage in direct business with US companies, our global operations necessitate potential collaborations with US suppliers, which could potentially affect our operations.
"Nevertheless, we maintain a positive outlook. Prima Cheese enjoys a robust market presence in regions such as the Caribbean and Central America, where US dairy companies have historically maintained a strong and enduring presence. In terms of pricing and supply chain compatibility, we intend to further compete in these markets and seize opportunities arising from the decisions made by the Trump Administration. "
Family-run Con Mech Engineers Ltd, based in Stanley, County Durham, which manufactures tools for earthmoving and mining equipment, is more optimistic for the future, having been an exporter for many years with the US as a key market.
David Waine, managing director, said that whilst they have found it difficult to compete with Chinese-made products, the new tariffs introduced actually mean that ConMech will be more competitive in the US than they have been in many years.
Mr Waine said: “Unfortunately, the parts we make are subject to the Section 232 Steel derivative for our tariff code meaning our products will be subject to 25% on the steel content, not the added value. However, everyone must pay this, with only China subject to tariffs being stacked meaning their duty could be as high as 79%. For most countries, access to the USA market is now on a level playing field and we can compete.
"We would have had a greater advantage if the tariffs had been stacked, as our EU competitors would have faced 10% higher duties than ourselves. The USA imports $90m of our very specific tariff code parts, mainly from China. There is very little domestic capability to produce these parts, as a result we are rather optimistic about the future and our ability to sell more to the USA market.”
Elsewhere in County Durham, Pamela Petty, director at dehumidifiers, washing machine and heat pump manufacturer Ebac, said the 海角视频 should take inspiration from Trump's actions.
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She said : "We do about 10% of our sales in the US, where we are one of the leading brands of industrial dehumidifiers, so it will impact us. But Trump is doing what he sees as right by the people who elected him on a mandate to bring back manufacturing jobs and revive industry.
"We shouldn’t be scared of tariffs; instead, we should take inspiration from them and consider applying them more heavily to certain goods coming into the 海角视频. It's crucial to put ourselves in the shoes of the American public, and businesses, and think on a global scale. Consider the tariffs placed on Chinese goods, which now face a combined total rate of 54%. In comparison, a 10% tariff for the 海角视频 is minimal, and a small step up from where we were already – so we have an edge over many other nations when trading with America. It might even encourage some businesses to relocate to the 海角视频.
“The 海角视频 has a trade deficit which also needs address. We need to make more of the things we consume – everyday items that the public uses. Tariffs on cheap imported goods here would boost manufacturing and encourage consumers to purchase British-made goods, which are being undercut by foreign imports and holding back our industries. You can be certain a British-made product is generally of superior quality, and with many of the cheaper options the old saying of ‘buy cheap, buy twice’ really does apply.”