A third of UK exporters suffering from US tariffs
The latest ONS data from the Business Insights and Conditions Survey (BICS) shows that in late July 2025, nearly a third (32%) of businesses with 10 or more employees that had exported goods in the last 12 months reported they were impacted by US tariffs in the last month with the most-reported impact being businesses experiencing additional costs (18%).
In late July 2025, 31% of businesses with 10 or more employees that had exported goods in the last 12 months reported they expect to be impacted by US tariffs in the next month; the most-reported expected impact was having to pass on additional costs to customers (13%).
Samuel Edwards, Head of Dealing at global financial services firm Ebury, said: “It is evident that the trade disruption caused by the US administration’s tariff policy are causing a ripple effect for UK exporters and importers.
Despite the UK’s early success in reaching positive agreements with the US, it is still operating in a far more onerous tariff regime compared to a year ago while uncertainty over the future path of tariffs, particularly for certain goods, lingers.
This is inevitably driving up costs for these businesses who must balance absorbing the costs themselves or passing on costs to customers in a precarious economic climate.
Author
Matthew Ryan, CFA
Ebury
Matthew is Global Head of Market Strategy at FX specialist Ebury, where he has been part of the strategy team since 2014. He provides fundamental FX analysis for a wide range of G10 and emerging market currencies.
