British exports to the US just saw their sharpest one-month drop since records began
US-bound shipments from the UK fell by £2 billion in April.
Goods exports from Britain to the US fell by £1.98 billion (or about $2.7 billion) in April on the back of President Trump’s tariffs, marking the steepest monetary drop in a single month since the UK Office for National Statistics (ONS) started publishing the trade data in 1997. In percentage terms, the 33% drop was the third-sharpest monthly decline on record.
Though the UK escaped the president’s infamous “Liberation Day” on April 2 with a relatively low 10% base tariff rate — Downing Street had reportedly been anticipating 20% — preexisting 25% tariffs on cars, car parts, steel, and aluminum combined to see shipments drop to £4.1 billion for the month.
It’s a… temporary setback?
In the release accompanying the latest monthly data, the ONS was keen to note that monthly data “can be erratic,” while highlighting the subsequent US-UK economic prosperity deal, agreed on May 8, which reduced tariffs on British cars, eliminated them on steel and aluminum, and mitigated their impacts on a range of other goods as well.
Late on Wednesday, President Trump said that trade talks were still ongoing with about 15 countries, but that he would be sending letters to dozens of countries in the next week or two with “take it or leave it” trade terms.
