The UK Government is drawing up a list of potential US products it could hit with retaliatory tariffs after President Donald Trump announced that 10% tariffs are to be imposed on nearly all UK exports to the US, starting from 5th April.
The Government's 417-page list features around 8,000 US products, representing 27% of imports from the US. The products listed range from firearms and purebred horses, to Levi's jeans and sports shoes, and also include toilet seats – a move that prompted The Sun newspaper to run with the headline 'Bog off, Trump!' and declare that there's 'no lav lost' as a result of the new import taxes.
While the list of potential products represents a hardening of the UK Government's stance, Rain Newton-Smith, CEO of the Confederation of British Industry, warned that a calm reaction to the new taxes was to be recommended.
She said: "Business has been clear: there are no winners in a trade war... A cool and calm reaction from the UK Government is the right response: UK firms need a measured and proportionate approach which avoids further escalation. Retaliation will only add to supply chain disruption, slow down investment, and stoke volatility in prices."
