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As many as a third of UK firms could be exposed to the threat of new US tariffs and are already taking action, according to the first major business survey since Saturday\u2019s announcement by President Trump.<\/p>\n
The British Chambers of Commerce Insights Unit carried out a snap poll of nearly 350 businesses and 12% are already planning to reduce their transatlantic dealings.<\/p>\n
Based on the current trading figures with the United States, if the tariffs come into place, UK businesses will face a \u00a36bn hit at the end of January, rising to \u00a315bn in June, says the BCC.<\/p>\n
William Bain, the lobby group\u2019s head of trade policy, said: \u201cThe threat of a new tariff bombshell from the United States is bad news for UK businesses, consumers and the wider economy.<\/p>\n
\u201cOur data shows some firms are already taking action following Saturday\u2019s statement from the US Administration.<\/p>\n
\u201cIf the tariffs are implemented the impact on British businesses is clear. It\u2019ll mean lost orders, higher costs and lower margins for firms.<\/p>\n
\u201cWe welcome the Government\u2019s clear but calm response. We were pleased to hear the Prime Minister focus on the SME impact, during his press conference on Monday.\u201d<\/p>\n
Daily Business<\/em> reported on Sunday how the Scottish food and drink industry would be among those most affected by new tariffs, and how the president\u2019s action \u2013 to support his Greenland ambitions \u2013 would likely scupper any hopes First Minister John Swinney had of a cut in the tariff on Scotch whisky.<\/p>\n Today Mr Trump was showing no sign of letting up in his demand for ownership of Greenland which prompted him to announce a 10% rise in tariffs on countries supporting the country.<\/p>\n \u201cI think that we will work something out,\u201d he said during a lengthy White House press conference, \u201cbut Nato is going to be very happy. <\/p>\n \u201cWe need it [Greenland] for security purposes, we need it for national security and even world security. It is very important.\u201d<\/p>\n Analysts believe Mr Trump will step back from invading Greenland and reach either a military or economic patnership deal, or probably both.<\/p>\n \t <\/div>\n