Brits are planning to “buy British” in response to Donald Trump’s sweeping 10% tariffs. UK consumers are concerned that imported products will increase in price following the new levies, new research by Barclays shows. 71% of people say they want to support UK businesses by purchasing items “made in Britain”, in a bid to overcome the tariff imposed on the nation.
Two-thirds of shoppers have raised concerns that imported products will become more expensive, with two in five consumers already looking for British-based alternatives. The data, carried out by Opinium Research on behalf of Barclays, show that Brits are feeling the effects of rising prices, “being mindful” of the impact of global events.
Earlier this month, President Trump announced global reciprocal tariffs, sparking turmoil in the stock markets. After dozens of countries reached out for negotiation, Mr Trump announced a 90-day pause, but kept a baseline of 10% for every country, except China.
US tariffs on China now amount to a staggering 145%. As the trade war between Beijing and Washington deepens, levies were hiked from 84% to 125%. However, this is on top of the 20% fentanyl-related tariff already in place.
The steel and car industry also face an increased charge of 25% which has already seen deliveries paused worldwide.
As the UK faces a new 10% charge, economists warn the move could impact UK growth. Uncertainty also remains around consumer spending, which had risen by an annual rate of 0.5% in March.
Despite the changes to US imports, Chancellor Rachel Reeves declined to support a “buy British campaign”.
Speaking to the House of Commons, she said: “In terms of ‘buying British’, I think everyone will make their own decisions. What we don’t want to see is a trade war, with Britain becoming inward-looking.”
The Chancellor explained how consumers buying items only produced in their country is “not a good way forward”, adding that the UK had “benefited hugely” from access to global markets.
Karen Johnson, head of retail at Barclays, said that consumers are “being mindful of the impact recent global events may have on their finances”. Ms Johnson did, however, note the “green shoots” as “the warmer weather and longer evenings encouraged consumers to invest time and money in gardening and DIY”.