US President Donald Trump’s global tariff wars have caused economic chaos worldwide after he decided to target nearly every nation in the world, except Russia. Now, shoppers are panicking.
The decision was made on April 2, a day which he dubbed Liberation Day, where President Donald Trump signed an executive order imposing a minimum of 10% tariff on all US imports effective from April 5. Naturally, it received a lot of criticism.
The newly introduced tariffs give a tax on imports entering the US, purposely increasing the prices of essential goods to stop consumers from buying foreign products. For example, countries like Vietnam have experienced tariffs of up to 46% on certain goods, which will lead to a decline in sales and economic damage.
Despite President Donald Trump’s announcement of a ‘90-day pause’, 10% tariffs on imports remain in place, while steel and aluminium tariffs of 25% on exports from the UK to the US are still in effect. The continuous pressure on imports had led to concerns about rising costs for everyday essentials in this country.
Products such as aluminium foil, which is used widely in households, are expected to see an increase in their prices, which will make shoppers act quickly before the price surge takes place.
Currently, the cheapest aluminium foil options include a £1.40 product from Tesco for a 10 metre roll, or £1.20 for 20 metres of ‘wrapping foil’ from Asda. Asda also sells a higher quality kitchen foil for £1.33 for 10 metres.
Organisations such as UK Steel raised concerns about how this could affect Britons long-term, The Express reported. Gareth Stace, Director General of industry body UK Steel, said the tariffs are “deeply concerning” and could cost the country around £100m a year.
Goods made in the UK using aluminium including drinking cans, tinned food and kitchen foil, which could also see a reported increase in prices. As reported by The Independent: “The tariffs raise a flat duty on steel and aluminium entering America to 25 per cent. This could affect UK products worth hundreds of millions of pounds as products like cars, cans and tin foil are likely to become more expensive.”
The price increase shows how President Donald Trump’s tariff policies have affected global trade, leading to higher costs from both producers and consumers and creating uncertainty in international markets.
Many businesses in the UK also rely on goods imported from abroad, leading to concerns about how these new changes will affect their stock, and potentially their business.
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