Concerns are growing that the UK could be more exposed to US trade taxes after President Donald Trump announced he would target VAT in his latest move. Trump has instructed his staff to develop custom “reciprocal tariffs” – charging the same amount as levies imposed on American exports – for each country. The UK’s trading relationship with the US had suggested it would be less exposed to tariffs than others, but the surprise inclusion of VAT to calculate potential tariffs has prompted questions over the impact on British businesses.
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