6 days Ago
Business Uncertainty Grows Across Industries
This week, Jaguar Land Rover joined several other companies in refraining from issuing profit forecasts, citing ongoing trade uncertainty caused by the US administration's unpredictable policies.
Earlier in April, Trump declared a "Liberation Day" and announced a 10% tariff on all UK exports to the US. Additional tariffs were later applied to key sectors such as cars, steel, and aluminium. While the US has since allowed some steel and aluminium imports tariff-free and reduced levies on a select number of British-made cars, most UK exports are still subject to the blanket 10% tariff.
Automakers and Major Brands Affected
Other car manufacturers are also feeling the impact. Mercedes-Benz and Stellantis, the parent company of Chrysler, have both held back from releasing forecasts. Ford, meanwhile, has estimated that the tariffs will cost the company approximately $1.5 billion (about £1.13 billion) this year.
Beyond the automotive sector, a growing number of major firms have issued warnings about the economic toll of these tariffs. Last month, technology company Intel, footwear brand Skechers, and household goods producer Procter & Gamble all reduced or withdrew their profit projections due to market uncertainty.
Sportswear brand Adidas also announced that Trump's import taxes would lead to higher prices in the US for popular models like the Gazelle and Samba.
Toymaker Mattel joined the list of affected companies, revealing it plans to raise the prices of some of its products in the US to offset rising costs due to tariffs.
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