UK cuts tariffs on dozens of goods amid global trade tensions

The British government ramped up actions to help protect businesses and households from some of the economic tumult created by President Donald Trump’s decision to raise tariffs and upend the norms of global trade.

- ESHE NELSON

The government said Sunday it would suspend tariffs on 89 products for about two years to help businesses and consumers save money. The products include those for construction, such as plywood and plastics, and everyday household items, such as pasta and fruit juices.

Officials will also increase financing support for exporters by £20 billion ($26 billion), through partial loan guarantees, and give small businesses access to loans of up to £2 million.

As Trump raises tariffs on most imports, including those from Britain, to a 10% baseline and even higher for certain goods like cars and steel, the British government has sought to calm anxieties at home. Officials have said they want to move quickly to support companies as they try to sustain fragile economic momentum.

“This week, we witnessed the uncertainty of a changing world)’ Rachel Reeves, the chancellor of the Exchequer, wrote in The Observer, a Sunday newspaper. In response, the government “must rise to meet the moment,” she wrote.