The News
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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