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Guardian
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What Trump’s tariffs could mean for UK consumers
- The US announcing tariffs on goods, including a 10% charge on UK imports, is sparking fears of a global trade war.
- Potential fallout for UK consumers includes rising food prices and inflation if US imports become more expensive.
- Importers may seek alternative sources to avoid tariffs, which could affect prices in the UK market.
- The impact on UK pensions and investments is significant due to stock market fluctuations caused by the trade tensions.
- Investors with exposure to US shares may face losses, impacting pension funds and personal investments.
- Staying invested during market volatility is advised to capitalize on potential opportunities in the long term.
- The threat of tariffs also affects mortgages, potentially leading to interest rate rises if inflation persists.
- Economic uncertainty and trade tensions could prompt the Bank of England to adjust interest rates to stimulate the UK economy.
- Industries heavily reliant on exporting to the US, like carmakers, may face job losses due to reduced demand.
- Carmakers, particularly facing a 25% tariff, could be significantly impacted, potentially endangering thousands of jobs.
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