Ben Digby, CBI International Director, said:
“The President’s measures are deeply concerning for firms in the UK, for close trading partners and across supply chains.
“Overproduction can distort the global market and erode the level playing field that business depends on to stay competitive. But this is a shared challenge whose root causes should be tackled jointly by the EU and the USA. There are no winners in a trade war, which will damage prosperity on both sides of the Atlantic. These tariffs could lead to a protectionist domino effect, damaging firms, employees and consumers in the USA, UK and many other trading partners.
“Now is not the time for any disproportionate escalation, and we urge the EU to consider this when initiating its response. The UK is the largest foreign investor in America, and British companies support over 1 million jobs in the States, stretching from Alaska to New York. We must work with the USA to find a way out of this current scenario that preserves our economic links, and we will continue working urgently with the U.S. Administration to protect British trade, jobs and growth.
“We hope that the USA will swiftly reconsider its decision, and we will be pressing home the importance of our transatlantic relationship with our counterparts and government figures in Washington, London and Brussels in order to protect the free and fair trade that is the key to our economic future.”