WNY Chamber reacts to tariffs

Reacting to the tariffs imposed by the US Government, West & North Yorkshire Chamber of Commerce’s head of policy and representation Mark Casci, said: “The Government has so far responded with poise and discretion at this uncertain time.

“While the tariffs imposed on UK-made goods and services are in some cases substantially lower than seen elsewhere around the world, there will be additional consequences for Yorkshire-based businesses.

“There is an increased risk of trade diversion from China and other nations most severely impacted by the tariff impositions. Some orders will decrease, some prices will increase and economic demand internationally will be weaker as a result. This is a lose-lose situation for everyone. 

“So, it is vitally important that the government does not give up on negotiations. Tariffs can be lifted at any time and the US has signalled its willingness to do some form of deal with us. 

“It should keep everything on the table during talks but retaliatory tariffs should only be a last resort. 

“Many firms, especially SMEs, will now be facing difficult decisions and we urge government to do all it can to provide practical support to them. 

“We would advise businesses to immediately start negotiations with their US customers on managing the impact of these tariffs – depending on their contracts, there may be deals to be done.

“Support may also be available from the British Business Bank’s Growth Guarantee scheme which can offer financial support to firms with cashflow issues.