Responding to the announcement that a global 15% tariff will be imposed imports to the United States, BritishAmerican Business (BAB) CEO Duncan Edwards said:

“The new 15 per cent tariff on imports into the US, imposed under section 122 of the 1974 Trade Act means an effective 50 per cent increase in the tariff rate for most UK exporters to the USA which will come into effect on Tuesday 24th February.

“This is clearly disappointing news and begs important questions which the UK team will need to raise with their opposite numbers and for which businesses will be hoping for answers.

“First, will the UK be granted a ‘discounted’ 10 per cent tariff under this new Executive Order in line with the Economic Prosperity Deal? Second, will UK exporters be able to claim back tariffs that have been previously paid and how will that process work? And third, what will happen when the 150 day period allowed by the Act expires?

“It seems to us that the answer to the third point now lies with Congress which will have to decide whether the trade policies promised by this administration during the election become enshrined in law. Given the narrow margins in both houses of Congress a definitive answer looks unlikely, so business would be wise to expect continued uncertainty.”