#uktrade

Keir Starmer corrects South Korea trade mistake in parliament

UK Prime Minister Keir Starmer triggered laughter in the House of Commons on Wednesday, May 20, after accidentally claiming that the United Kingdom had secured a trade deal with North Korea instead of South Korea. He quickly corrected the statement, describing it as a “slip of the tongue” and apologising to MPs. “I’ve just been handed a note saying that I inadvertently said we did a trade deal with North Korea rather than South Korea. That would be breaking news and not very good. So,

Political News

20 May 2026 23:00 PM 13 views

Keir Starmer corrects South Korea trade mistake in parliament

Political News

UK GCC Trade Deal Could Add £3.7 Billion as Tariffs Fall

The UK GCC trade deal could add an estimated £3.7 billion a year to Britain’s economy in the long run, while cutting tariffs for exporters selling into Gulf markets. The U.K. Department for Business and Trade announced the agreement on Wednesday, May 20, 2026, calling it a major step in economic ties with the Gulf Cooperation Council, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The gove

Finance & Economics

20 May 2026 14:02 PM 14 views

UK GCC Trade Deal Could Add £3.7 Billion as Tariffs Fall

Finance & Economics

What caused U.K. exports to the U.S. to fall? Tariffs cut goods by nearly 25%

Tariffs trigger sharp decline in U.K. exports to the U.S. What caused U.K. exports to the U.S. to fall? Tariffs cut goods by nearly 25% as official data shows a steep decline in trade flows following sweeping tariff measures. According to figures released Friday by the Office for National Statistics, goods exports from the United Kingdom to the United States dropped by £1.5 billion, marking a 24.7% decrease after tariffs were introduced. The data, which excludes precious metals, highlights the immediate and sustained impact of trade policy changes initiated under Donald Trump. The tariffs, introduced as part of a broader “liberation day” strategy, disrupted established trading patterns between the two countries, which had previously benefited from largely tariff-free exchanges. Automotive and key sectors remain below pre-tariff levels The downturn has been particularly evident in the automotive sector, where U.K. car exports to the U.S. have remained below pre-tariff levels for the 12 months since April 2025. Analysts note that the continued weakness reflects both higher costs and reduced competitiveness in the American market. While exports have struggled, imports from the United States into the U.K. increased at the beginning of 2026. This imbalance has resulted in a trade deficit for three consecutive months, underscoring the broader economic consequences of the tariff regime on bilateral trade. Trade deal reshapes transatlantic economic ties The United Kingdom was the first nation to secure a post-tariff trade agreement with the U.S., following the introduction of the new measures. The deal included a 10% blanket tariff on goods entering the American market, effectively ending the previous zero-tariff environment that had benefited exporters on both sides. The new framework also imposed duties on key British exports, including Scotch whisky and other spirits. However, in a recent development, Trump announced plans to remove tariffs on Scotch whisky “in honor” of King Charles III and Queen Camilla following their state visit. Despite this move, industry experts caution that relief in one sector is unlikely to offset broader trade declines. Economic pressures weigh on exporters and growth outlook Economists warn that the sustained drop in exports could have wider implications for the U.K. economy. The United States remains the country’s largest export market, making the scale of the downturn particularly significant. Samuel Edwards, head of client portfolio management at Ebury, said exporters are facing mounting challenges. He pointed to a combination of higher trading costs from tariffs, increased employment expenses, and rising input prices, all of which are squeezing profit margins. These overlapping pressures are making it more difficult for U.K. businesses to remain competitive internationally, raising concerns about long-term growth and stability in the evolving global trade environment.

Global News

01 May 2026 12:06 PM 15 views

What caused U.K. exports to the U.S. to fall? Tariffs cut goods by nearly 25%

Global News

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#uktrade

Keir Starmer corrects South Korea trade mistake in parliament

Keir Starmer corrects South Korea trade mistake in parliament

UK GCC Trade Deal Could Add £3.7 Billion as Tariffs Fall

UK GCC Trade Deal Could Add £3.7 Billion as Tariffs Fall

What caused U.K. exports to the U.S. to fall? Tariffs cut goods by nearly 25%

What caused U.K. exports to the U.S. to fall? Tariffs cut goods by nearly 25%

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March 31 Bank Alert: Key Transactions to Be Affected on Fiscal Year-End in 2025

Dinesh K Patnaik Takes Over As India’s High Commissioner In Canada

Japan earthquake hits Hokkaido, raising concerns over further tremors

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#uktrade

Keir Starmer corrects South Korea trade mistake in parliament

Keir Starmer corrects South Korea trade mistake in parliament

UK GCC Trade Deal Could Add £3.7 Billion as Tariffs Fall

UK GCC Trade Deal Could Add £3.7 Billion as Tariffs Fall

What caused U.K. exports to the U.S. to fall? Tariffs cut goods by nearly 25%

What caused U.K. exports to the U.S. to fall? Tariffs cut goods by nearly 25%

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Dinesh K Patnaik Takes Over As India’s High Commissioner In Canada

Japan earthquake hits Hokkaido, raising concerns over further tremors

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Hyderabad Sets Sights on Hosting 2036 Olympics: CM Revanth Reddy's Vision Unveiled

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Global Markets React to Trump’s Tariff Pause: Trade War Fears

West Bengal Governor calls emergency meeting

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Popular Cities