Responding to the global tariffs announcement from US President Donald Trump, Hampshire Chamber’s Chief Executive and Executive Chairman Ross McNally said:

“The government needs to keep its negotiations with the US going, stay calm, keep a cool head and take a pragmatic approach. Businesses in Hampshire and elsewhere need and deserve reassurance that our politicians are doing all they possibly can to achieve the best deal for the UK."

“A deal with the US has to suit both sides – free trade has to be fair trade and bring bilateral benefits."

“While there is understandable concern about what the US has announced, particularly among steel, aluminium and car manufacturers, the reality is that many UK products will attract a lower tariff than those from other countries. That gap creates a potential opportunity for our exporters to drive competitive advantage."

“At the same time, it could incentivise investment into the UK from overseas countries who can manufacture here and face a lower tariff on their own sales to the US. Of course, there are risks too including the possible displacement of trade by global companies who feel they are locked out of the US and therefore choose to target the UK through product dumping in our market."

“Any trade war is simply a lose-lose for the global economy and the UK will not be immune, so Ministers need to factor all these issues into their negotiations. Retaliatory tariffs should only be a last resort. Many firms, especially SMEs, will now be facing difficult decisions, and potentially tricky discussions on what deals they can do with US customers."

“We therefore urge government to do all it can to provide practical support to them. And that is why we welcomed the Chancellor’s Spring Statement announcement of more export finance to help firms tap into overseas markets."

“We have free trade agreements with other parts of the world such as the Asia-Pacific trade bloc and so government must support firms looking to exploit all opportunities.”