Like the antagonist of a failing nostalgia-fuelled film franchise, Trump’s tariffs have returned.
The logic behind them is as inexplicable as the schlockiest Hollywood feature, but the impact they are set to have on businesses is very real.
With pressures from the lacklustre Autumn Budget still fresh in the minds of many business owners, it is time to consider how the new tariffs may affect your business.
What effect will Trump’s tariffs have on my business?
Whether your business directly engages with global trade or not, Trump’s tariffs will have an impact.
For businesses that do deal directly with the US, it might be time to start thinking of different supply chain options.
While Brexit may have soured relations between the UK and the EU, recent trade talks and the Trump tariffs are causing the relationship to be revisited.
If you are set to be directly impacted by the Trump tariffs, it might be worth seeking solace in a similarly affected EU business.
Even if you do not directly engage with international trade, you should be aware of how the tariffs may make things more challenging for your business.
The grim Autumn Budget was a result of the UK economy struggling, but it did lead to it seeing some growth at the end of last year.
That growth is threatened by an international trade war that opens up uncertainty to unsettle markets once more.
Businesses will need to brace for hardship and keep tight control of finances in order to weather the storm ahead.
How can my business be ready for the Trump tariffs?
Knowing that another international trade war is brewing is not going to fill business owners with much confidence.
However, the current state of businesses may not stay the same throughout the year.
It is expected that many businesses will close during the next 12-months with many of these being so-called ‘zombie’ companies.
A zombie company is one where all the revenue generated is just enough to keep the business open, but not grow.
If these companies close, it may clear the way for more spirited businesses to get a boost of customers and clients looking for a new option.
To ensure that you are on the right side of the zombie company situation, you should seek professional financial advice.
This will let you understand the impact that the Autumn Budget and Trump’s tariffs will have on your business.
By gaining a greater understanding, you can budget effectively and brace for the economic hardships that lie in store.
Trump’s tariffs might be resolved diplomatically, but as they are focused on claiming sovereign territory, a solution might not be as forthcoming as it was before.
That’s why our team is here to provide expert support whenever you need it.
We can help you explore your financial options so that you do not overlook something that could help you cope.
For financial support that is ready for any challenge, speak to our team today.
