The Government must secure a trade deal with President Trump in ‘weeks, not months’ to avoid damage to the West Midlands economy, Mayor says.
A new report commissioned by Richard Parker, Mayor of the West Midlands, found that US tariffs will impact the West Midlands more than any other region in the UK.
Prepared by Steve Rigby, co-CEO of Rigby Group, the report found that over half (52%) of all businesses in the region are anticipating having to downgrade their profit forecasts by the end of the year.
It warned that 25% tariffs for the auto industry risked causing ‘structural changes’ to businesses.
Exports from the West Midlands to the US are worth £8.5bn a year, with 61% of the total coming from automotive exports.
US proposed tariffs, including 25% imposed on auto vehicles, are forecast to cost the West Midlands economy £6.2bn over five years, according to the research.
