The US has imposed a 25% tariff on car imports, sending shockwaves through global supply chains. Jaguar Land Rover (JLR) has paused all shipments to the US, citing the need to “address the new trading terms.” The UK’s second-largest export market is under pressure as JLR, Nissan, and Stellantis adjust to the new tariffs.
The move affects the £8.3 billion car industry trade with the US, with more cars exported from the UK than any other goods. Nissan is considering relocating production of US-bound vehicles from Japan to the US, while Stellantis has temporarily shut down its assembly plant in Canada due to the new tariffs.
Global stock markets have plummeted, with the FTSE 100 falling by 4.9% on Friday. The UK government will take a calm approach to the trade tariffs, with Prime Minister Sir Keir Starmer ruling out a “trade war” and seeking alternative solutions, including industrial policy.
Source: https://www.bbc.com/news/articles/cj0zr0p77m0o