The British government has unveiled a £20 billion support package aimed at shielding UK exporters from the fallout of the United States’ erratic trade tariffs, as global markets remain unsettled by Washington’s shifting import tax policies.
The Treasury announced on Sunday that it would increase its export finance offering by £20 billion, bringing the total available to £80 billion. Officials said thousands of UK businesses affected by tariffs would be eligible for assistance.
Up to £10 billion of the package will be directed specifically at firms facing immediate disruption from the US tariff measures, with support available to help stabilise operations and maintain access to key overseas markets.
Chancellor Rachel Reeves said the funding would provide vital backing for companies navigating an increasingly volatile global trading landscape.
The Treasury also confirmed that small businesses will be able to access loans of up to £2 million as part of the new measures.
The announcement comes as UK exporters contend with fresh 10% tariffs imposed by the US on a range of British goods, with sectors such as automotive, steel, and aluminium facing levies of up to 25%. Economists have warned that such steep duties could further damage business confidence and dampen consumer sentiment.
The United States remains the UK’s single largest national trading partner, with over £1.2 trillion invested between the two economies. However, hopes for a comprehensive post-Brexit trade agreement have so far failed to materialise.
Business and Trade Secretary Jonathan Reynolds, when asked about the status of a UK-US deal, told Sky News on Sunday that he could not commit to a timeline.
He added that Donald Trump remained the “driving force and the decision maker… on the US side,” suggesting future progress may depend heavily on the outcome of the next steps in Washington.
