The implementation of 10% tariffs on UK-US trade poses a substantial threat to small and medium-sized enterprises (SMEs), given that 59% of small UK exporters rely on the US market. This move is expected to hinder growth opportunities and negatively impact the broader economy, especially during a period of stagnant domestic growth. The article calls for a resolution between the UK and US governments to eliminate tariff conflicts and emphasizes the necessity for the UK Government to support vulnerable SMEs with emergency aid to help them navigate these challenges.
The UK Government should now be ready to provide emergency assistance to any SMEs at risk of collapse. This will provide breathing space and support.
Tariffs will cause untold damage to small businesses trying to trade their way into profit while the domestic economy remains flat.
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