Business groups warn of ‘deeply troubling’ tariffs

British companies and business groups have expressed concern over President Donald Trump’s 10% tariff on UK goods entering the US, with Confederation of British Industry chief executive Rain Newton-Smith saying the plans are “deeply troubling for businesses.” The Federation of Small Businesses (FSB) said the tariffs were “a major blow” to SMEs, with 59% of small UK exporters selling to the US. The FSB’s policy chair, Tina McKenzie, said the charges “will cause untold damage to small businesses trying to trade their way into profit while the domestic economy remains flat,” adding that “the fallout will stifle growth.” Meanwhile, industry body Make UK said the 25% tariffs on cars, steel and aluminium would be devastating for UK manufacturing. The Society of Motor Manufacturers and Traders said the taxes were a “deeply disappointing and potentially damaging measure.”