Research from the Resolution Foundation indicates that reintroduction of universal tariffs by Trump could significantly impact UK's goods exports to the US, nearly mirroring the effects of Brexit.
The analysis suggests that a US tariff of 10-20 percent could create trade barriers akin to those seen with the EU Trade and Cooperation Agreement, particularly affecting British goods.
UK services have outperformed goods exports since Brexit, growing at an annual rate of 7.5 percent compared to the average OECD growth of 6.1 percent, suggesting a broader trend in the UK's export dynamics.
The Resolution Foundation emphasizes the need for the UK government to focus on reducing export barriers with Europe while fostering growth in the service sector to mitigate impending tariff impacts.
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