The uncertainties facing businesses and consumers after Trump's tariff changes

Businesses say questions remain after US President Donald Trump announced he will impose global tariffs of 15%.

A study by the JPMorganChase Institute revealed that tariffs paid by midsize U.S. businesses tripled over the past year, largely due to trade policies enacted by President Trump. These increased costs are affecting companies employing around 48 million people, forcing them to either raise prices, reduce staff, or accept lower profits.

The BCC estimates that the higher 15% tariff rate will increase tariff costs on UK goods exported to the US by between £2-3bn ($2.7-4bn). About 40,000 UK companies export to the US, Bain said, and that 5% increase in levies is paid either by the exporters or their customers in the US.