Reacting to the announcement of new US tariffs under section 301 of the Trade Act 1974, William Bain, Head of Trade Policy at the British Chambers of Commerce, said:
“It is no surprise that the US is taking action, before its temporary section 122 measures expire, to make its broad 10% tariff on most imports more permanent.
“The good news is that the findings indicate that the UK may not face a rise in the overall tariff rates on its goods entering the US.
“But in many sectors, the comparative advantage the UK had over other countries has been eroded since the US Supreme Court overturned the original tariff authority in February.
“The priority must now be ensuring the fine print of these new tariffs in July does not lead to higher costs or loss of trade for the 40,000 UK companies who export goods to the US.
“We would urge both governments to continue negotiations to reach this outcome.
“The longer-term aim must be full implementation of the Economy Prosperity Deal and the Technology Prosperity Deal that the UK agreed with the US last year. This would deliver tariff reductions, enhanced investment opportunities and improved services and digital trade terms between our countries.”