Bloomberg Talks Make UK's Stephen Phipson Talks Tariff Effects
Apr 4, 2025
Stephen Phipson, CEO of Make UK, discusses the pressing challenges UK manufacturing faces due to a 10% US tariff. He emphasizes the need for a trade deal to protect key sectors like automotive and steel, which are critical for the UK economy. Phipson highlights the impressive efforts of the Labour government in navigating relations with the Trump administration. He also addresses the delicate balance the UK must maintain between its dealings with both the EU and the US amidst declining trade volumes.
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Negotiate a Trade Deal
- The UK should prioritize negotiating a trade deal with the US.
- Escalating tensions are not in anyone's interest.
Potential Concessions
- The UK government's details of the negotiations with the US remain undisclosed.
- Concessions may involve the services sector, a major UK import from the US.
Prioritizing Services
- The UK government seems to be prioritizing its services-led economy.
- They appear willing to accept some manufacturing losses to protect the larger services sector.