They say there is nothing new under the sun and the global economic situation seems determined to prove that right.
Just last year, we were advising businesses on how to handle the impact of Trump’s tariffs.
Now, we’re back in this position again, but this time, many businesses are still reeling from a lacklustre Autumn Budget.
As such, it is important to figure out how to handle the economic pressures both domestically and internationally.
How will Trump’s Tariffs affect UK businesses?
The biggest impact that tariffs will have is on businesses that import or export to the US.
If your business has a supply chain that flows through the US, then the previously established trade deal between the UK and the US might have allayed your fears.
However, a diplomatic solution seems less likely now that sovereign territory is a core part of negotiations.
As such, it may be time to look for alternatives that exclude the US where possible.
Despite the tensions caused by Brexit, the trade war launched by the US is set to reunite Europe in defiance of economic imperialism.
This might allow for better trade opportunities with our closer neighbours.
Even businesses that do not engage in international trade are likely to be impacted by the new tariffs.
As was the case in 2025, disruptions to the global economy have a notable effect on the economies of all affected countries.
The tenuous growth that the UK economy has been seeing recently could be overwhelmed by the fallout of a new global trade war.
How can businesses brace for the impact of the Trump tariffs?
International trade wars are seldom positive for anyone and the pressures that businesses are under are unlikely to ease any time soon.
It may seem a bit doom and gloom at the moment, but this does not have to mean the end of your business aspirations.
It is believed that some so-called ‘zombie’ companies are likely to cease trading within the next year.
These are businesses that only make enough revenue to stay open and have little economic impact beyond that.
If zombie companies close, the market will be opened for more successful businesses to operate freely without customers and clients being taken.
Exploring potential new markets and finding additional sources of revenue can be an important way to keep pace with the current challenges, as well as those set to come into play from the Trump tariffs.
Above all, it has never been more important to seek professional financial advice.
We can help you understand your financial position and make the necessary preparations to endure some of the hardships in the year ahead.
For financial support that is ready for any challenge, speak to our team today.