Car giant JLR has announced a pause in shipments to the United States to tackle "address the new trading terms" imposed by Donald Trump's tariffs.
Thursday saw the imposition of a 25% tax on all foreign-made vehicles entering the US, followed by the introduction of a 10% "baseline" tariff on global imports on Saturday morning.
JLR, formerly Jaguar Land Rover, is one of many firms worldwide contending with the repercussions of the new trade rules and the resulting market instability.
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In a statement issued on Saturday, a JLR spokesperson confirmed: "The USA is an important market for JLR's luxury brands.
They added, "As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans."
Global trade has been significantly impacted following President Trump's declaration of the tariffs at the White House this past Wednesday.
The fallout was significant, with the FTSE 100 enduring its worst trading session since the pandemic began on Friday, and comparable downturns affected Wall Street as well.
The FTSE 100 saw all but one stock fall, with Rolls-Royce, the banking sector, and mining companies witnessing substantial losses.
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Prime Minister Sir Keir Starmer has pledged to “do everything necessary” to protect the 海角视频’s national interest after the tariffs were imposed, saying ministers are “ready to use industrial policy” to support businesses.
Writing in the Sunday Telegraph, he said “the immediate priority is to keep calm and fight for the best deal”.
He said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, and added: “We stand ready to use industrial policy to help shelter British business from the storm.”
London's leading stock market index, the FTSE 100, dropped 419.75 points, or 4.95%, to close at 8,054.98 on Friday, marking the largest single-day fall since March 2020 when the index lost more than 600 points in one day. The Dow Jones also took a hit, falling 5.5% on Friday as China matched Mr Trump's tariff rate.
Beijing announced it would retaliate with its own 34% tariff on imports of all US products from April 10.
Ministers are still striving to secure a deal with the US, hoping that it could provide some exemption from the tariffs.
Rachel Reeves stated on Friday that the Government is "determined to get the best deal we can" with Washington.
"Of course, we don't want to see tariffs on 海角视频 exports and we're working hard as a government in discussion with our counterparts in the US to represent the British national interest and support British jobs and British industry," stated the Chancellor.