UK factories reported their biggest drop in overseas orders in five years Thursday as the US trade war weighs heavily on exports.
“Surveyed manufacturers noted that US tariff announcements were having a notable impact on global markets as trading partners adapt to increased trade volatility,” said Rob Dobson, director at S&P Global Market Intelligence.
US President Donald Trump imposed 25% tariffs on UK aluminum and steel in March, as well as 25% duties on automotive parts — set to come into effect on May 3 — though he is expected to soften the blow on automakers.
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