Amid a mounting global tariff war led by the US, the UK government has announced that it is temporarily suspending import tariffs on 89 everyday essential products, including spices, pasta, nuts and juices, as well as items such as building materials. It stated that the move was aimed at boosting economic growth and benefiting UK businesses and consumers.
The action is projected to save local businesses at least £17m annually through lower import costs. The tariffs will be cut to zero until July 2027.
The government noted that if businesses pass on the savings on food items, consumers could see lower prices in supermarkets, restaurants and pubs over the coming months.
Business and Trade Secretary Jonathan Reynolds said: “Free and open trade grows economies, lowers prices and helps businesses to sell to the world, which is why we’re cutting tariffs on a range of products.
“From food to furniture, this will reduce the cost of everyday items for businesses, with savings hopefully passed onto consumers.
“As we face a new era of global trade, this government is going further faster to make Britain the best country to do business, delivering on our Plan for Change. These suspensions are just another example of that.”
Last week, the UK government rejected calls for the launch of a ‘Buy British’ campaign to support locally made goods in the wake of Donald Trump’s tariffs on the UK.
NAM Implications:
- Zero tariffs on 89 everyday essential products to save local businesses at least £17m annually.
- i.e. £191k saving per product.
- ‘consumers could see lower prices in supermarkets, restaurants and pubs over the coming months’
- Over to you…
