In April, the UK's exports to the United States suffered a significant decline, dropping by £2 billion, which is a historic low since record-keeping began in 1997. This downturn follows four months of increases in trade and is likely attributed to new tariffs introduced by Donald Trump on April 2, which affected a range of UK goods including cars and metals. The overall economic impact contributed to a contraction in the UK economy for the month. Additionally, the US dollar weakened against multiple currencies, influencing global exchange rates.
Exports of UK goods to the United States fell by 2bn in April, marking the largest monthly decrease in trade with the US since records began in January 1997.
On 2 April, Trump announced that imports from the UK would face a blanket 10% tariff under his new trading system, impacting various sectors significantly.
After increasing for each of the four preceding months, April saw the largest monthly fall on record in goods exports to the United States, with decreases seen across most types of goods.
The dollar index has lost 0.7% of its value today, hitting its lowest level since March 2022, as the US dollar dropped to a three-year low.
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