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The Independent
5 hours ago
- Business
- The Independent
UK firms taking early action as they brace for hits from tariffs
More than three-quarters of UK businesses are worried about tariffs and global trade uncertainty and have already taken pre-emptive measures to offset disruption, according to a new survey. The latest Barclays business prosperity report found that 79% of firms are concerned about the mounting global trade war sparked by US President Donald Trump's move to hike tariffs. The poll of 1,000 micro, small and larger firms – which was conducted last month – revealed that nearly half (48%) have already begun changing their US operations or supply chains to help offset any possible hit. It showed that 14% have already scaled back investment in the US market, with 15% pausing or cutting spend in America. The research suggests that almost half of firms (44%) were increasing international trade over the past year, of which 59% reported doing so with Europe and Central Asia, far outweighing those growing trade with the US (18%) and Asia-Pacific (44%). Firms – particularly larger companies – are optimistic that the possible upsides from America's tariff hikes will outweigh the initial impact on profit margins, demand and exports, according to the report. But more than a third (37%) are still bracing for a hit from US tariffs on their overall business prospects. Despite this, 86% of firms remain confident in their own prosperity over the next three to five years. Matt Hammerstein, chief executive of Barclays UK corporate banking, said: 'Given the widespread uncertainty in the international trade environment, it's unsurprising that businesses are taking proactive steps to adapt to these global pressures. 'A strong international trade strategy, and revised supply chain considerations, can turn geopolitical uncertainty into a competitive advantage and many larger firms are already adapting to build diverse global trade to develop resilience.' With many firms under pressure from tariff woes and hiring difficulties, productivity has become ever more important than it was a year ago, according to 46% of firms surveyed. This comes as 72% of those polled said difficulties in hiring skilled labour was holding back growth. Hannah Bernard, head of Barclays business banking, said: 'Productivity gains are seen as vital to help offset the increasing cost pressures on businesses. 'The focus on upskilling staff through training and development is a positive way for firms to combat skilled labour challenges, alongside efficiencies from digital transformation through emerging technologies such as AI.'
Bloomberg
19 hours ago
- Business
- Bloomberg
Asian Stocks Set for Boost After US Tech Rebound: Markets Wrap
Asian stocks are set for a positive open after a rebound in big tech drove US stocks higher. Bonds fell as the dollar hit its lowest since 2023. Futures pointed to solid gains in Tokyo, Hong Kong and Sydney equity benchmarks early Tuesday, after the S&P 500 rose 0.4% at the start of what's historically one of its quietest months for gains. Nvidia Corp. led an over 1.5% rally in a measure of chipmakers. US steel and aluminum shares surged on Donald Trump's pledge to double levies on the metals.
Zawya
a day ago
- Business
- Zawya
How Trump tariffs have hit Kenya's vital flower sector?
Kenya's floriculture sector, known for its premium roses, carnations and summer flowers, is grappling with hurdles as it seeks to expand beyond the traditional European markets and break into the lucrative United States market. Kenyan flower growers and exporters, who were looking to the American market as their next frontier, found it largely closed off by geopolitical tensions, trade barriers and, now, US President Donald Trump's protectionist tariffs. This year, growers had planned to showcase their products directly to US buyers at a flower exhibition in Miami, aiming to reduce reliance on European middlemen and establish direct supply lines. But those efforts have stalled. The planned Miami showcase, designed to connect Kenyan and African flower growers directly with US buyers, was postponed in the wake of the new tariffs.'We were already preparing, but the import barriers made it impossible. We had to cancel the Miami show,' said Dick van Raamsdonk, organiser of the International Flower Trade Exhibition (Iftex). 'You know what's happening with Trump tariffs.''Trump-era policies made visas harder, and while that's not the biggest barrier, it's definitely an annoying one alongside the US import hurdles,' he added. In March, President Trump imposed a 10 percent reciprocal tariff on all Kenyan exports to the US, adding yet another layer of complexity to the country's efforts to break into the American market. The US represents a huge untapped opportunity for Kenya. But the Trump-era tariffs introduced as part of a broader push to 'level the playing field' in global trade and retaliate against Kenya's own 10 percent tariff on US imports has compounded existing challenges. Kenyan flowers, which have previously benefited from duty-free access under the African Growth and Opportunity Act (Agoa), now face steeper costs and reduced competitiveness. Even before recent political tensions, US importers have historically shown little initiative to look beyond traditional suppliers, Ecuador and Colombia.'For Americans, importing directly from Africa feels like too much hassle. They see Europe as faraway already, Africa is even frther in their minds,' Mr Raamsdonk said. 'They're conservative buyers. They like things to come to them. That's why we said, fine, we'll bring Kenya to them.'Raamsdonk hopes to reschedule the Miami showcase to next year, betting on more favourable trade conditions.'We're not giving up. We're planning to hold the show next year, hoping for better times, especially for fresh produce. We're optimistic the tariffs will eventually go down, and we'll be able to bring African flowers and growers to the US,' he said at a press briefing ahead of the 12th edition of the Nairobi Iftex show, scheduled for June 3–5 at the Visa Oshwal Centre in Nairobi. Some 200 exhibitors are expected at the show. Beyond the US, Kenyan exporters also face difficulties in other potential markets, including Asia and the Middle East, where competition, regulations and logistics create additional barriers. A major leap forward has been its adoption of the 'systems approach' mandated under new European Union regulations for managing False codling moth, which officially came into effect on April 26. This strategic shift, according to Christine Chesaro, acting director of the Horticultural Crops Directorate at Kenya's Agriculture and Food Authority, has ensured Kenyan farmers remain compliant and competitive in Europe.'Maintaining access to these premium markets is critical, while emerging markets like the Middle East, Kazakhstan and the US are signalling fresh opportunities beyond Europe,' she said.'As Kenya strengthens its technical and regulatory frameworks, industry leaders are optimistic that the systems approach will not only secure current markets but open doors to new ones, positioning the country as a global floral powerhouse,' she added. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Bloomberg
4 days ago
- Business
- Bloomberg
S&P, Nasdaq Log Best Month Since 2023
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Jess Menton. (Source: Bloomberg)
CNA
6 days ago
- Business
- CNA
Chinese consumers travel and spend less, LVMH deupty CEO says
PARIS :French luxury group LVMH has noticed Chinese consumers have been travelling and spending less over the past three months, Deputy CEO Stephane Bianchi said on Wednesday. Demand in the United States, however, showed some first signs of a rebound, but as long as trade tensions with the European Union over threatened tariffs are not being eased, the climate will remain difficult, he added.
