UK manufacturers look elsewhere amid Trump tariffs: study
The
United States
is no longer a top three export market for British manufacturers in the wake of President
Donald Trump
's tariffs, an industry-wide survey revealed Monday.
For the first time since 1988, when manufacturers' organisation Make UK began such a poll, the United States is not "the second most favoured destination for export growth... behind the
EU
", a statement said.
The world's biggest economy "has slipped to fourth place as a growth market for UK manufacturers, with preference now shown to Asia/Oceania and the
Middle East
as companies respond to tariffs and increased uncertainty", it added.
The latest quarterly survey of 324 companies was carried out between April 30 and May 22, together with financial advisory group BDO.
April saw Trump implement baseline 10% tariffs on countries around the world.
Live Events
The auto sector was hit by 25 percent levies, however, while the steel and aluminium sectors had already been hit by Trump tariffs.
Monday's survey revealed also that 60 percent of UK manufacturers expect their export volumes to the United States to be hit by the levies.
"Furthermore, almost a third of companies are assessing changes to their supply chains in terms of where they source from, while just four percent say they will consider setting up manufacturing facilities in the US."
Official data last week showed
Britain
's economy shrank more than expected in April -- in part owing to a record drop in exports to the United States.
A recent trade agreement struck between the UK and US failed to result in the tariffs being removed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
31 minutes ago
- India Gazette
India, Cyprus to deepen cooperation as trusted, indispensable partners; prepare action plan to guide ties for next five years
Nicosia [Cyprus], June 16 (ANI): Prime Minister Narendra Modi and Cyprus President Nikos Christodoulides held wide-ranging discussions on bilateral, regional, and global issues on Monday with the two countries expressing their commitment to deepening cooperation 'as trusted and indispensable partners'. A Joint Declaration made after talks between PM Modi and Cyprus President reaffirmed the strategic bond between the two countries with the two leaders agreeing that an Action Plan is to be prepared in order to guide bilateral relations for the next five years. PM Modi's visit to Cyprus, the first by an Indian Prime Minister in over two decades, marked a historic milestone and reaffirmed the deep and enduring friendship between the two nations. 'The visit celebrates not only a shared history, but a forward-looking partnership, rooted in a joint strategic vision and mutual trust and respect,' the declaration said. PM Modi arrived in Cyprus on Sunday as part of his three-nation visit. The two countries agreed to enhance trade, defence and technology partnership and establish direct air connectivity. Both leaders noted with satisfaction the progress in ongoing bilateral cooperation and expressed confidence that the partnership will continue to flourish, promoting peace, stability, and prosperity across their regions and beyond. Cyprus and India share a strategic vision of serving as bridges between regions. Both leaders underscored the significance of the India-Middle East-Europe Economic Corridor (IMEC) as a transformative, multi-nodal initiative that fosters peace, economic integration, and sustainable development. Viewing IMEC as a catalyst for constructive regional cooperation, they reiterated their shared commitment to promoting stability in the Eastern Mediterranean and the wider Middle East and emphasized the importance of fostering deeper engagement and corridors of interconnection from the Indian peninsula through the wider Middle East to Europe. While recognizing Cyprus' role as a gateway into Europe, they welcomed the prospect of Indian shipping companies establishing a presence in Cyprus, encouraging the advancement of maritime cooperation through joint ventures involving Cyprus-based and Indian maritime service providers as a means of further strengthening economic and logistical ties. Looking ahead to Cyprus' Presidency of the Council of the European Union in early 2026, both leaders reaffirmed their commitment to strengthening EU-India relations. They recalled the milestone visit of the College of Commissioners to India, and expressed satisfaction on the launch of the first India-EU Strategic Dialogue and the progress already made in the priority areas identified during the visit including in trade, defence and security, maritime, connectivity, clean and green energy, and space. Cyprus pledged to work towards the advancement of the EU-India strategic partnership during the Presidency. Both sides expressed readiness to support the conclusion of the EU-India Free Trade Agreement by the end of this year recognizing its significant economic and strategic potential. They also expressed their support for the ongoing work through the EU-India Trade and Technology Council and committed to sustaining a forward-looking agenda beyond the 2025 Strategic Roadmap to deepen this key global partnership. Recognizing the growing strategic complementarity between Cyprus and India, the leaders committed to expanding economic ties through increased trade, investment, and collaboration in science, innovation, and research. To advance cooperation, the two leaders noted they would welcome a Cypriot high-level delegation visiting India, including business representatives, as well as the organisation of a Cyprus-India Business Forum to promote investment opportunities. The two leaders also addressed the Cyprus-India Business Round Table on Advancing a Strategic Economic Partnership. Both leaders agreed to promote collaboration in research, innovation, and technology, fostering stronger ties between startups, academic institutions, and industry, and supporting innovation exchanges in key sectors like artificial intelligence, digital infrastructure, and research, with a view of concluding a related MoU. The two leaders recognized people-to-people ties as a strategic asset and multiplier for deepening economic and cultural ties. The two sides will work to finalise a Mobility Pilot Program Arrangement by the end of 2025. Both sides emphasized the value of fostering mutual understanding through cultural and people-to-people ties. They agreed to explore opportunities for enhancing tourism and establishing direct air connectivity between Cyprus and India, as well as enhanced air routes via shared partners, to improve ease of travel and boost bilateral exchanges. The two leaders underscored their shared commitment to peace, democracy, the rule of law, effective multilateralism, and sustainable development. They reaffirmed their support for a rules-based international order, grounded in the UN Charter and international law, placing particular emphasis on the United Nations Convention on the Law of the Sea (UNCLOS), with regard to freedom of navigation and sovereign maritime rights. (ANI)
India Gazette
31 minutes ago
- India Gazette
PM Modi completes successful leg of Cyprus visit; emplanes for Canada
Nicosia [Cyprus], June 16 (ANI): Prime Minister Narendra Modi wrapped up the Cyprus leg of his three nation tour and has now emplaned for Canada where he will be attending the G7 Summit. Upon the conclusion of PM Modi's visit, MEA Secretary (West), Tanmay Lal delivered comprehensive remarks. Noting that the visit was the first visit to Cyprus by Prime Minister Modi and the first by an Indian Prime Minister in over two decades, he said, 'This landmark visit highlights the enduring friendship and trusted partnership between our two countries.' 'In his remarks to the media, Prime Minister Modi spoke of the strategic direction of the India-Cyprus partnership. Our partnership also assumes importance in the larger context of the India-EU strategic partnership and India's growing engagement with the Mediterranean region,' he added. Noting that the Cypriot President Nikos Christodoulides conferred upon Prime Minister Modi the Grand Cross of the Order of Macarios III, Ranmay Lal said, 'This is the highest honour bestowed by Cyprus on foreign heads of government.' Lal noted that the leaders discussed trade and investment, defence, fintech, maritime and shipping, connectivity including IMEC initiative, mobility, and people-to-people ties. He said that the visit took place 'against the backdrop of serious global challenges. The leaders discussed various pressing regional and global conflicts and issues. Prime Minister Modi expressed appreciation for the steadfast support of Cyprus to India in its fight against the cross-border terrorism. Cyprus takes over the presidency of the Council of the European Union during the first half of next year. This comes at a time when there is strong interest in significantly enhancing the India-EU strategic partnership. The leaders exchange views on this strategic partnership, including the ongoing India-EU-FTA negotiations'. Describing India-Cyprus ties, Lal said, 'The friendship and the trusted partnership between India and Cyprus has a long history. In 1950s, India had advocated for the independence of Cyprus. Later, the two countries worked together in the Non-Aligned Movement and the Commonwealth. Both countries have supported each other on issues of core interest to either side at multilateral fora, especially at the United Nations. Cyprus supports India for a permanent membership in a reformed and expanded UN Security Council. and India supports Cyprus on the Cyprus issue, the Cyprus question. After the heinous terror attack in Pahalgam, our external affairs minister and the foreign minister of Cyprus have been in regular contact.' Highlighting the importance of Cyprus, Secretary (West) said, 'With its strategic location, Cyprus can act as a gateway to Europe and the Mediterranean.' In his concluding remarks, Lal said, 'To sum up, this historic visit of Prime Minister Modi to Cyprus has provided stimulus and a strategic direction to the partnership between our two countries as important. and trusted partners.' Prime Minister will travel to Canada's Kananaskis to attend the G7 Summit on June 16-17. This will be PM Modi's sixth consecutive participation in the G7 Summit. The G7 Summit is an international forum held annually for the leaders of the G7 member states of the United States, the United Kingdom, France, Germany, Japan, Italy, and Canada and the European Union (EU). (ANI)
India Gazette
31 minutes ago
- India Gazette
PM Modi completes successful Cyprus visit; emplanes for Canada
Nicosia [Cyprus], June 16 (ANI): Prime Minister Narendra Modi wrapped up his visit to Cyprus and has now emplaned for Canada where he will be attending the G7 Summit. Prime Minister will travel to Canada's Kananaskis to attend the G7 Summit on June 16-17. This will be PM Modi's sixth consecutive participation in the G7 Summit. Upon the conclusion of PM Modi's visit, MEA Secretary (West), Tanmay Lal delivered comprehensive remarks. Noting that the visit was the first visit to Cyprus by Prime Minister Modi and the first by an Indian Prime Minister in over two decades, he said, 'This landmark visit highlights the enduring friendship and trusted partnership between our two countries.' 'In his remarks to the media, Prime Minister Modi spoke of the strategic direction of the India-Cyprus partnership. Our partnership also assumes importance in the larger context of the India-EU strategic partnership and India's growing engagement with the Mediterranean region,' he added. Noting that the Cypriot President Nikos Christodoulides conferred upon Prime Minister Modi the Grand Cross of the Order of Macarios III, Ranmay Lal said, 'This is the highest honour bestowed by Cyprus on foreign heads of government.' Lal noted that the leaders discussed trade and investment, defence, fintech, maritime and shipping, connectivity including IMEC initiative, mobility, and people-to-people ties. He said that the visit took place 'against the backdrop of serious global challenges. The leaders discussed various pressing regional and global conflicts and issues. Prime Minister Modi expressed appreciation for the steadfast support of Cyprus to India in its fight against the cross-border terrorism. Cyprus takes over the presidency of the Council of the European Union during the first half of next year. This comes at a time when there is strong interest in significantly enhancing the India-EU strategic partnership. The leaders exchange views on this strategic partnership, including the ongoing India-EU-FTA negotiations'. Describing India-Cyprus ties, Lal said, 'The friendship and the trusted partnership between India and Cyprus has a long history. In 1950s, India had advocated for the independence of Cyprus. Later, the two countries worked together in the Non-Aligned Movement and the Commonwealth. Both countries have supported each other on issues of core interest to either side at multilateral fora, especially at the United Nations. Cyprus supports India for a permanent membership in a reformed and expanded UN Security Council. and India supports Cyprus on the Cyprus issue, the Cyprus question. After the heinous terror attack in Pahalgam, our external affairs minister and the foreign minister of Cyprus have been in regular contact.' Highlighting the importance of Cyprus, Secretary (West) said, 'With its strategic location, Cyprus can act as a gateway to Europe and the Mediterranean.' In his concluding remarks, Lal said, 'To sum up, this historic visit of Prime Minister Modi to Cyprus has provided stimulus and a strategic direction to the partnership between our two countries as important. and trusted partners.' The G7 Summit is an international forum held annually for the leaders of the G7 member states of the United States, the United Kingdom, France, Germany, Japan, Italy, and Canada and the European Union (EU). (ANI)
