Trump tariff war sees UK businesses hold off on exports to US
Trade tariffs imposed by US President Donald Trump have affected the willingness of smaller companies to export, research suggests.
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A survey of more than 500 owners of small and medium-sized businesses (SME) found over half say the tariffs have reduced their willingness to export.
SME lender iwoca said its study also indicates one in seven firms blame the tariffs for not exporting.
Mark Di-Toro, director at iwoca said: "Tariffs add complexity for any business looking to trade internationally and for small businesses, even a slight increase in costs or red tape can tip the balance.
"SME owners tend to be open-minded and opportunity-driven, but they also work with tight margins and limited time.
"These findings show that while many SMEs are open to exporting, trade policies like tariffs can quietly shut the door before it's even opened."
A Business and Trade Department spokesperson said: "We were the first country to agree a deal with the US that lowered tariffs on key sectors and protected jobs, receiving one of the lowest reciprocal tariff rates in the world.
"We are supporting small business exporters through the business growth service, which was announced last week as part of the Government's small business plan, as well as our trade strategy, which set out plans to offer more accessible online support."