The Prime Minister is set to speak to business leaders while the Trade Secretary will look to calm markets on Thursday after Donald Trump slapped a 10% tariff on US imports of UK goods. Jonathan Reynolds is due to address MPs on Thursday morning after Mr Trump confirmed sweeping import levies on countries across the world, hailing America’s “declaration of economic independence” (The Standard).
The newspaper also reported on the reaction from food and drink trade bodies. The Scotch Whisky Association, which represents more than 90 companies from across the Scotch Whisky industry, has said it is “disappointed” the companies it represents could be impacted by a 10% tariff imposed on US imports of UK goods announced by US president Donald Trump. Salmon Scotland, meanwhile, which represents every company involved in salmon farming in Scotland, echoed the SWA’s comments, adding it was “confident” US consumers would continue to purchase imported Scottish salmon (The Standard).
For Scotch whisky makers, the US is its most important overseas market - worth £971m a year. Anthony Wills, who runs the Kilchoman distillery on the island of Islay, says he feels “deflated” at the prospect of tariffs. “It’s a huge blow for the industry,” he says. The industry has been hit with US tariffs before, with a 25% levy on single malts back in 2019. The Scottish Whisky Association estimates that for the 18 months the tariffs were in place, the industry lost £600m in sales (BBC).
In other news, the chair of Marks and Spencer has criticised a forthcoming crackdown on junk food advertising in the UK, saying it would amount to “regulating to stop people talking about mince pies”. Archie Norman said on Wednesday that a plan to ban junk food advertising on television before 9pm meant the retailer would probably not be able to justify the expense of a Christmas food advert (Financial Times).
Pre-school children should not be given drinks laden with sugar or artificial sweeteners, experts have said. Younger children – typically those under the age of five – were already advised not to consume sugary drinks. Now experts advising government have said they should not be given “drinks sweetened with sugar or non-sugar sweeteners”. (The Standard).
No comments yet