Mare than a third of British entrepreneurs are worried about the impact of Donald Trump’s proposed tariffs on their businesses, according to a new poll.
The survey, carried out by entrepreneur network Helm, found 37% of business founders are worried trade tariffs will add “significant costs” to operations.
The US is the UK’s second-largest export market, making up 22% of total UK exports second only to the European Union.
The survey was carried out online between February 10 and 11 with Helm’s 400 members who have a combined revenue of £8 billion.
Since the proposed tariffs are expected to apply only to goods, the majority of Helm members (63%) are not concerned about their impact.
Many believe Trump’s announcements are primarily a negotiating tactic.
Others are unaffected because they either do not trade in the US or primarily export services, which are currently exempt from the proposed tariffs.
Andreas Adamides, CEO of Helm said, “Our members are sharply divided on the implications of Trump’s latest tariff threats.
While some fear rising costs and supply chain disruptions, others see potential opportunities as trade routes shift.
The resilience and adaptability of UK entrepreneurs will be crucial in navigating these uncertainties.”
Syd Nadim, Founder of digital solutions company Clock, which generates around 40% of its revenue from the US, said: “Trump’s rhetoric is mostly bluff and bluster—something Canada and Mexico have learned to manage.
Since services are excluded from these tariffs, we’re confident they won’t affect us directly, though the broader economic impact is still a concern.”
Maz Darvish, CEO of AI solutions provider Cognition Hub, said, “While currently suspended, removing the de minimis threshold could level the playing field for US SMEs. If the UK and EU followed, it could boost local e-commerce and protect consumers from unsafe imports.”
On the other hand, some entrepreneurs expressed significant concerns about rising costs.
Harry Zalk, Co-CEO of infrastructure company Matrix Group, said, “Tariffs will significantly increase costs for our imports and exports, while removing the $800 no-duty limit will strain e-commerce.”
Tobi Schneidler, Founder of computer accessories company Bouncepad, said: “The United States is a major market for us. Tariffs would add to the challenges of Brexit, making US exports even tougher for us.”