- Global supply chains have been disrupted over recent years by severe fluctuations in supply and demand during the pandemic, the war in Ukraine, Houthi attacks in the Red Sea and, to an extent, post-Brexit issues in the UK. In recent months a higher global tariff environment is an increasing concern for businesses.
- The US administration has announced several new tariffs on individual trading partners and on specific goods imported to the US. Trading partners are issuing responses, including retaliatory tariff measures, and in some cases countries are negotiating with the US to have tariffs paused or removed.
- Countries’ responses include a mix of retaliatory measures, and negotiations to have tariffs paused or removed.
- Review of all US trade relationships due by 4 April 2025, the US is also investigating the possibility of imposing “reciprocal tariffs” on trade partners.
- On UK Prime Minister ’s visit to the USA, the two countries agreed to work on ‘new economic agreement’ covering technology and tariffs.
- Global trade tensions with China persist and are increasingly shaping policy approaches, including the UK’s ‘Indo-Pacific tilt’, regulations on competition and subsidies, trade remedies and the implementation of National Security & Investment legislation. The government has committed to conduct a review of the UK-China relationship.
- Timing: this is an area of continuing change impacted by many domestic and global developments.
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