‘STAND together’ – that is the rallying cry to businesses in Coventry and Warwickshire in the wake of US tariffs.
Coventry and Warwickshire Chamber of Commerce chief executive Corin Crane says even if the UK signs a historic trade deal with the USA in a bid to lessen the hit, the impact on global markets will still have an effect in the region.
He has written to firms across the region advising them on what will happen in the coming weeks – but also to ask businesses to come forward with their own stories, to ask for help where they need it, and to signpost them to support.
Corin said: “Now is the time for businesses across Coventry and Warwickshire to stand together, to support one another and for us, as a Chamber, to be there to help in whatever way we can.
“Businesses will have been watching the news unfolding around the US tariffs with increasing unease and are trying to understand how this affects their own business and the wider national and global economy.
“We are working with all the other members across the British Chambers of Commerce network and we will keep you up to date on all developments as soon as we get them and highlight any support as it becomes available.
“We have a strong, resilient economy and we will do everything we can to ensure any negative impact is kept to a minimum.”
In his note to businesses, Corin underlined the timeline for tariffs and how 10 per cent was now being applied to all UK products entering the USA, with 25 per cent additional duties on automotive vehicles.
That followed 25 per cent import duties on UK and global steel, aluminium and derivative products entering the US that were applied last month.
By May 3, 25 per cent duties will apply to automotive parts imported for use in USA vehicles.
Corin added: “Whilst it’s safe to say the situation remains fluid, even if the British government manages to seal a trade deal with the US to mitigate a lot of these costs, the global markets are entering a period of uncertainty that will last months at least. Our supply chains across the globe will be changing as we speak.
“That’s why we want to hear from businesses so that we can listen to their concerns but also point them towards support. It’s a time to work together – something this region has done time and again over the years.”
Chamber members can attend a webinar being run by the British Chambers of Commerce (BCC) on Wednesday (April 9) at 1pm, which will include trade experts from the BCC and representatives from the Department for Business and Trade.
Email [email protected] or call 024 7665 4321 for more information or support.
