In April last year, Trump announced "reciprocal" tariffs on goods imported from most US trading partners, including Britain, invoking the International Emergency Economic Powers Act, or IEEPA. The baseline tariff that Britain faced under the reciprocal tariffs was 10%. "We will work with the (US) Administration to understand how the ruling will affect tariffs for the UK and the rest of the world." The spokesperson said the government would support British businesses when further details are announced. It was also unclear how US businesses could reclaim import levies paid and whether British businesses would be entitled to a share of any rebate, Bain said.

Source: The Edge Markets February 20, 2026 16:33 UTC