Tariffs spark 'inevitable' rise in retail prices

THE TIMING of Donald Trump's tariffs mean retail price rises in the UK are inevitable, say retail bodies and tax advisers.

- By Amber Murray

The US President announced a 10 per cent tariff on goods from the UK, and a range of higher tariffs on many countries retailers manufacture goods in.

"The tariffs this week would in themselves be a blow to the retail industry, but the timing couldn't be worse as they collide with post-budget headwinds," said Jacqui Baker, partner and head of retail at RSM UK.

The industry already faces £4.5bn in extra costs for higher national insurance contributions and the packaging tax, according to the British Retail Consortium.