Three ways tariffs might affect you and your moneypublished at 05:57 British Summer Time
Unlike the countries we just mentioned, the UK is facing a 10% tariff on all goods heading to the US. But there’s still a lot of uncertainty about what that could mean for people here.
Here’s how it could affect you and your money:
Prices could rise – or fall
Once the tariff is in place, the value of the dollar could strengthen. That might push up import costs for UK firms buying goods, which could then be passed on to UK consumers through higher prices.
But some economists say prices might actually drop at first. That’s because firms that usually sell to the US might start sending their goods to countries like the UK instead – possibly leading to a surge of cheaper goods here.
Your job could be affected
Higher prices might lead workers to ask for bigger pay rises. If UK companies see their profits squeezed, job cuts could follow. More than 25,000 jobs in the car manufacturing sector could be at risk.
Interest rates could stay high
Rates are currently at 4.5%, and economists had expected two cuts this year. But if inflation rises because of higher prices, rates might stay higher for longer.
For more detail, BBC business reporter Michael Race has the full story.
