UK Exports to US Plunge After New Tariffs –

In April, UK exports to the US dropped by a record £2 billion (€2.35 billion) following new US tariffs, mainly hitting cars and precious metals, the Office for National Statistics said. This is the largest monthly fall since 1997.

The tariffs include a 10% mutual tariff and a 25% tax on cars, adding to prior 25% duties on steel and aluminum. The UK’s GDP also fell 0.3% in April, worse than expected.

A May trade deal with Washington exempted some goods and prevented tariffs on steel and aluminum from rising to 50%, but negotiations continue to formally enact the deal.

Al Akhbar