The British government has outlined a whopping 8,000 US imports which could face retaliatory tariffs in response to Donald Trump's 'Liberation Day' announcement.
Earlier this week, President Trump announced that he was imposing tariffs on every country in the world - ranging from 10 percent to 54 percent - in an attempt to incentivise US citizens to buy domestic goods over imported ones.
China was one of the worst hit countries, with an additional 34 percent tariff bringing the nation's total to 54 percent, while the European Union will be expected to pay an additional 20 percent.
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Meanwhile, the UK got off easier compared to other nations, being hit with a 10 percent tariff, which leaves us in a 'not great, but could be worse' type of situation.
To no one's surprise, countries and stock-markets worldwide haven't reacted favourably to the tariff announcement, with China imposing a retaliatory 34 percent on all US imports while EU leaders are currently working out what their response will be.
The UK government has also promised to respond, with Business Secretary Jonathan Reynolds launching a consultation with businesses on how to respond.
This has resulted in a 417-page list of US imports which could be impacted by retaliatory tariffs in the event that the UK and US are not able to reach a trade deal.
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So which goods could we expect to see a price increase on?
The UK's list of targeted items is long and wide reaching, with obvious items such as Harley Davidson motorcycles, popular bourbon whiskey brands and Levi's jeans in line for a potential price increase.
Which US items could the UK impose tariffs on?
The UK government has published the full 417-page list here, should you fancy spending your Friday afternoon reading through the different variations of animal products, minerals and household items which could be impacted.
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Coming into effect on 1 May, here is a condensed version of household products which could rise in price:
- Bourbon whiskey, such as Jim Beam and Jack Daniels
- Toilet rolls and handkerchiefs
- Brussels spouts
- Vacuum cleaners
- Electric shavers
- Chopsticks and kitchenware made from bamboo
- Leather goods
- Denim items containing < 85 percent cotton (which includes your trusty Levi's)
- Guitars and other stringed instruments
- Pianos
- Keyboards
- Office furniture
- Toilet seats
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So, in a nutshell, a lot of things.
However, the good news is that we may still be able to avoid entering a trade war, with Reynolds stressing there are still hopes of a UK-US trade deal.
"If we are in a position to agree an economic deal with the US that lifts the tariffs that have been placed on our industries, this request for input will be paused, and any measures flowing from that will be lifted," he said to MPs of the potential retaliatory tariffs, as per The Guardian.
"Our focus is to negotiate this economic deal with the US, but not taking any options off the table, and we’ll continue to respond in a way that serves UK interests," a spokesperson for Sir Keir Starmer added.
Topics: UK News, US News, Money, Donald Trump, Keir Starmer
Brenna Cooper