With Trump being sworn in as president, advisers have likely been asking themselves: ‘What are his priorities?’, ‘How will this impact the UK economy?’ and ‘What opportunities does this offer my clients?’. This piece analyses the early signs of how a second Trump presidency could reshape UK financial services, investment strategies, and trade relations, with insight from economists, investment heads, and strategists.
The return of tariffs: Trade disruption or leverage? Trump's April 2025 tariffs imposed a universal 10% duty on all UK exports to the US. This move, though sparing the UK from the EU's flat 20% tariff, still places UK exporters under strain. Prime minister Sir Keir Starmer and chancellor Rachel Reeves are said to have engaged in discussions with US counterparts to seek exemptions or reductions in the imposed tariffs. The announcement of a 90-day pause on further tariff increases by Trump provided temporary relief to global markets, leading to a surge in stock indices. However, the f...
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