Your monthly guide to the UK economy, giving you a monthly overview of the major trends impacting the UK's main business sectors.
US fires the starting gun on tariffs
In an eventful month for geopolitics, US President Donald Trump levied a series of tariffs in early February. Currently, only those on China are in place (met with limited retaliation), with tariffs on US imports of aluminium and steel due to take effect in March. Media reports suggest that further restrictions on the US’ trading partners are to come.
Our recent note unpacks developments and explores their economic impact. The aggregate effect on the US and global economies should be limited, but planned tariffs for Canada and Mexico could prove more detrimental for those economies. The US shares a small goods trade surplus with the UK, suggesting that it is less of a target for trade restrictions. Much of the UK’s trade with the US is also in services, which would be unaffected by tariffs.
Thus, the impact of even severe US tariffs on the UK sh
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